Urban development projects are based on both calculative practices, in order to render investments new housing profitable, and a broader assessment of the value amenities, qualities associated with units such as access parks shopping facilities, while not directly being included presumptive buyers’ prices or rents but still affecting paid because amenities affect market demand. This condition i...

The focal point of the revealed preference (RP) valuation literature, including recreation demand and random utility maximization (RUM) models, has been on eliciting the “use” value associated with environmental amenities; i.e., that portion of value associated with direct use of a resource. Mäler’s (1974) concept of weak complementarity is typically invoked to justify this focus. Indeed, weak ...

This paper uses hedonic methods and variation in wages and housing costs to estimate households’ valuation of climate amenities. We find that, on the margin, household are willing to pay more to reduce extreme heat than to reduce extreme cold. Combining these estimates with climate forecasts for the United States, we find that an 8.3°F increase in the average U.S. temperature will result in wel...

This paper uses hedonic methods and variation in wages and housing costs to estimate households’ valuation of climate amenities. We find that, on the margin, households are willing to pay more to reduce extreme heat than to reduce extreme cold. Combining these estimates with “business as usual” climate forecasts for the United States, we find welfare losses in most areas by 2100, with particula...

Considering rapid urbanization worldwide, concern is growing that the resulting loss of green space affects welfare negatively. This study assesses how implicit prices amenities differ across apartments in different price groups to assess distributional impact urban amenities. Additionally, paper proposes adjustments enhance standard hedonic model and increase comparability estimates areas. Sal...

Population density varies widely among U.S. metro areas. A simple, static general equilibrium model demonstrates that moderate differences in metro areas’ consumption amenities can cause extremely large differences in their population density. Such amenities are more strongly capitalized into housing prices than into wages. Empirical results suggest that amenities do indeed help to support high...

There is a growing awareness that farmland provides a host of nonmarket services, or amenities. Amenities are external benefits of farmland, i.e., beyond commodity production revenues, accruing to all types of residents (or “amenity consumers”) in rural, suburban, and urban areas. Farmland amenities may include aesthetically pleasing views, habitat provision, groundwater recharge, and a lack of...