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Evidence on the Amenity Value of Wetlands in a RuralSetting

Published online by Cambridge University Press:  28 April 2015

Okmyung Bin  and
Stephen Polasky
Okmyung Bin
Affiliation:
Department of Economics, East Carolina University, Greenville, NC
Stephen Polasky
Affiliation:
Department of Applied Economics, University of Minnesota, St. Paul, MN
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Abstract

This study uses a hedonic property price method to estimate how wetlandsaffect residential property values in a rural area. The study utilizeswetland inventory data coupled with extensive property sales records betweenJanuary 2000 and September 2004 from Carteret County, NC. Our resultsindicate that i) a higher wetland percentage within a quarter mile of aproperty, ii) closer proximity to the nearest wetland, and iii) larger sizeof the nearest wetland are associated with lower residential propertyvalues. These results contrast with previous hedonic studies that use datafrom urban areas, which found positive associations between wetlands andproperty values. The amenity value of wetlands appears to depend at least asmuch on the characteristics of the area being considered as it does on thecharacteristics of the wetlands.

Keywords

hedonic priceshousing marketrural areawetlandsD12Q24Q26R21
Type
Articles
Information
Journal of Agricultural and Applied Economics , Volume 37 , Issue 3 , December 2005 , pp. 589 - 602
Copyright
Copyright © Southern Agricultural Economics Association 2005

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