Valuation of metropolitan open space ; presenting the research framework

In order to effectively incorporate the concern for open space in metropolitan planning, a quantitative valuation of this asset is needed. An environmental-economic framework is described here that assesses various societal values that can be attached to open space. Two complementary methods will be applied in this study: a hedonic pricing method to assess the impact of open space on residential property values and a stated preference approach to establish the value of open space for recreational purposes. This paper describes the research framework and the setup for the hedonic housing prices study. The latter analysis will be supported by the use of Geographic Information Systems (GIS).