Benefits from Urban Open Space and Recreational Parks: A Case Study
- 1 January 1982
- journal article
- research article
- Published by Cambridge University Press (CUP) in Journal of the Northeastern Agricultural Economics Council
- Vol. 11 (1) , 13-20
- https://doi.org/10.1017/s0163548400003125
Abstract
The hedonic pricing technique was used to measure that component of house price attributable to proximity to a city park, using data on sale prices and characteristics of houses in Worcester, MA. Aggregation of these residual values over all houses in the neighborhood of a park provided an estimate of the value of the park, to which was added an estimate of recreation benefits from extrazonal users. The policy question of park system development or contraction was addressed by comparing these benefits with operating costs to gain a net measure of parkland value.Keywords
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