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dc.contributor.authorKling, Robert
dc.contributor.authorFindley, Scott
dc.contributor.authorGahramanov, Emin
dc.contributor.authorTheobald, David
dc.date.accessioned2016-10-19T07:12:18Z
dc.date.available2016-10-19T07:12:18Z
dc.date.issued2014-05
dc.identifier.citationKling, Robert, Findley, Scott, Gahramanov, Emin, Theobald, David. "Hedonic valuation of land protection methods: implications for cluster development." Journal of Economics and Finance (May, 2014)en_US
dc.identifier.issn1055-0925
dc.identifier.urihttp://hdl.handle.net/11073/8547
dc.description.abstractThis study estimates a generalized spatial hedonic pricing model to assess how residential property values are impacted by inclusion within cluster developments and by proximity to various types of protected land. The estimated model simultaneously controls for the spatial dependence of residential housing prices and for the presence of spatial autocorrelation. The sample includes 4,008 single-family housing sales transactions within the non-urban portions of Larimer County in northern Colorado. The empirical framework accounts for topographical diversity across the study region, as well as distinguishing between several distinct types of publicly and privately protected land. The key findings of the study are: (i) proximity to national or state park land and to city or county open space has a significant positive impact on property values, while proximity to national forest land or to privately conserved land exhibits no significant effects; and, (ii) inclusion of a property within a cluster development decreases its value by 17 to 26 %. These findings are robust to different estimation techniques and model specifications, which suggests important considerations for policymakers who design development rules and alternative land protection measures aimed at preserving open space in non-urban areas.en_US
dc.language.isoen_USen_US
dc.relation.ispartofseriesJournal of Economics and Financeen_US
dc.relation.urihttps://dx.doi.org/10.1007/s12197-014-9279-1en_US
dc.subjectHedonic valuationen_US
dc.subjectOpen spaceen_US
dc.subjectSpatial autocorrelationen_US
dc.subjectSpatial dependenceen_US
dc.subjectCluster developmenten_US
dc.titleHedonic valuation of land protection methods: implications for cluster development.en_US
dc.typeArticleen_US
dc.identifier.doi10.1007/s12197-014-9279-1


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