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Journal of Environmental Management 92 (2011) 2763e2773

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Journal of Environmental Management


journal homepage: www.elsevier.com/locate/jenvman

The value of urban open space: Meta-analyses of contingent valuation


and hedonic pricing results
Luke M. Brander a, *, Mark J. Koetse b
a
Institute for Environmental Studies (IVM), VU University Amsterdam, De Boelelaan 1087, Amsterdam 1081 HV, The Netherlands
b
Department of Spatial Economics, VU University Amsterdam, Amsterdam, The Netherlands

a r t i c l e i n f o a b s t r a c t

Article history: Urban open space provides a number of valuable services to urban populations, including recreational
Received 10 May 2010 opportunities, aesthetic enjoyment, environmental functions, and may also be associated with existence
Received in revised form values. In separate meta-analyses of the contingent valuation (CV) and hedonic pricing (HP) literature we
6 May 2011
examine which physical, socio-economic, and study characteristics determine the value of open space.
Accepted 8 June 2011
Available online 16 July 2011
The dependent variable in the CV meta-regression is defined as the value of open space per hectare per
year in 2003 US$, and in the HP model as the percentage change in house price for a 10 m decrease in
distance to open space. Using a multi-level modelling approach we find in both the CV and HP analyses
Keywords:
Urban open space
that there is a positive and significant relationship between the value of urban open space and pop-
Meta-analysis ulation density, indicating that scarcity and crowdedness matter, and that the value of open space does
Contingent valuation not vary significantly with income. Further, urban parks are more highly valued than other types of urban
Hedonic pricing open space (forests, agricultural and undeveloped land) and methodological differences in study design
have a large influence on estimated values from both CV and HP. We also find important regional
differences in preferences for urban open space, which suggests that the potential for transferring
estimated values between regions is likely to be limited.
Ó 2011 Elsevier Ltd. All rights reserved.

1. Introduction absence of policy intervention (Kotchen and Powers, 2006; Smith


et al., 2002). The demand for public preservation efforts is evident
The term ‘urban open space’ encompasses a range of land uses from the number of referenda that deal with open space conserva-
including urban parks, forests, green spaces (e.g., golf courses and tion held at the state, county, and district level in the United States. In
sports fields), undeveloped land, and agricultural land at the urban the five-year period 2001e2005 there were 880 ballots on open
fringe.1 Open space provides a number of valuable services to urban space conservation measures, and around three quarters of these
populations, such as recreational opportunities, aesthetic enjoy- were passed (TPL, 2006). In other countries there is also clear public
ment, environmental and agricultural functions (e.g., micro-climate concern over urban development and the preservation of urban
stabilisation, water retention, and water purification). In addition, green areas (ODPM, 2002; Tyrvainen and Vaananen, 1998). Public
urban populations may hold values related to the preservation of decision-making requires information on the value of services
open spaces for use by future generations. The services provided by provided by open spaces in order to make informed trade-offs
urban open space are, however, recognised to have public good against the (opportunity) costs of preservation. The services asso-
characteristics and, as a result, tend to be under-provided in the ciated with open space, however, are generally not traded directly in
markets and their values are therefore unknown.
In response to this lack of information, a considerable number of
* Corresponding author.
E-mail address: lukebrander@gmail.com (L.M. Brander). economic valuation studies have been conducted that attempt to
1
The concept of urban open space can also include urban wetlands. We decided estimate values of urban open space. We have collected over 90
to exclude urban wetlands from the present analysis because they potentially studies dealing with open space valuation that have been published
provide a much wider set of ecosystem services than other forms of open space, over the past 30 years. Such a flood of numbers becomes difficult to
and therefore introduce a greater degree of heterogeneity into the data; and
interpret and necessitates the use of research synthesis techniques,
because the values of wetlands have already been thoroughly examined in previous
meta-analyses (see Brouwer et al., 1999; Woodward and Wui, 2001; Brander et al., and in particular statistical meta-analysis (Stanley, 2001; Smith
2006). and Pattanayak, 2002; Bateman and Jones, 2003). In addition to

0301-4797/$ e see front matter Ó 2011 Elsevier Ltd. All rights reserved.
doi:10.1016/j.jenvman.2011.06.019
2764 L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773

identifying consensus in results across studies, meta-analysis is also of Moreover, HP estimates deal with one-time percentage changes in
interest as a tool for transferring values from studied sites to new property values, while CV studies generally produce annual WTP
policy sites. Useful descriptive overviews of the open space valuation values. We therefore deal with value estimates from these methods in
literature have been written by Fausold and Lilieholm (1999) and separate meta-analyses.
McConnell and Walls (2005), but to our knowledge this is the first The organisation of this paper is as follows. Section 2 provides an
meta-analysis of open space valuation results. overview of the open space valuation data taken from CV studies and
The aim of this paper is to provide new insights into consumer presents the meta-analysis results related to this data. Section 3 does
preferences for urban and peri-urban open space,2 and additionally to the same for the HP data. Section 4 makes a comparison of the results
examine the influence of methodological differences on valuation from these two meta-analyses, and Section 5 provides conclusions.
results. The economic literature on the provision of open space,
including several studies that examine the outcomes of public refer- 2. Meta-analysis of contingent valuation results
enda on open space conservation, provides a number of hypotheses to
be tested using the meta-analyses presented below. A first hypothesis In this section we present the results of the meta-regression
is that open space is a normal good, i.e., has a positive income elasticity analysis of contingent valuation estimates of the value of open
of demand. There is mixed evidence on the relationship between space. In section 2.1 we describe the data used in the analysis,
income and demand for publicly provided open space. Some studies including the standardisation of the dependent variable and
have observed a positive relationship (e.g., Bates and Santerre, 2001; a description of the explanatory variables. Section 2.2 describes the
Breffle et al.,1998; Kotchen and Powers, 2006), whereas others find no specification of the meta-regression and the results.
significant association (e.g., Deacon and Shapiro, 1975; Kline and
Wichelns, 1994; Romero and Liserio, 2002). Using U.S. county level
2.1. CV data description
data, Kline (2006) finds that per capita income has a positive but
diminishing influence on the prevalence of open space referenda.
We collected 38 contingent valuation studies on urban and peri-
Research by Kahn and Matsusaka (1997) on state-wide referenda in
urban open space. The literature search attempted to be as
California shows a positive relationship between per capita income
comprehensive as possible by accessing online reference inventories
and the collective provision of open space (i.e., that open space is
(e.g., Environmental Valuation Reference Inventory, EVRI, www.evri.
a normal good), except where incomes are very high, in which case the
ca; and Environmental Valuation Database ENVALUE, www.
relationship becomes negative. A possible explanation of this finding
environment.nsw.gov.au/envalueapp), library catalogues, and rele-
is that beyond a certain income level people prefer to purchase open
vant reference lists and bibliographies. We recognise that it is
space privately in the form of large gardens or holiday homes.
unlikely that we would manage to retrieve all available open space
A second hypothesis is that the value of open space increases
CV studies but attempted to obtain a large sample that covers the
with population density. Population density reflects two important
range of open space land uses and services. The selection criteria for
determinants of the value of open space. Firstly it represents the
the inclusion of a study are that it provides one or more monetary
demand for open space in terms of the number of people in the
value estimate for the provision of urban or peri-urban open space
vicinity that benefit from it, and secondly this variable may also
that can be standardised in the selected units (see below); and that it
indicate the availability of open space, i.e., that more densely
provides information on all of the selected variables to be included in
populated areas have less open space. In both cases we would
the meta-regression analysis. Studies were not excluded on the basis
expect a positive relationship between the value of open space and
of study year or publication type. Of the studies collected, 20
population density. Using data on referenda in the United States
provided sufficient information to be included in a statistical meta-
between 1998 and 2003, Kotchen and Powers (2006) examine the
analysis. A list of these 20 studies is provided in Table 1. From
factors that influence voter decisions related to open space. They
these studies we were able to code 73 separate value observations in
find a positive but insignificant relationship between population
a numerical database. Multiple value observations from single
density and the probability of a referendum passing. Kline (2006)
studies were included in the data if they represent values for
finds a positive but diminishing influence of population density
different study sites or are obtained using different elicitation
on the prevalence of county open space referenda. They also find
formats that we can explicitly control for in the meta-regression. The
that the percentage change in population density between 1990
highest number of observations from a single study is provided by
and 2000 has a positive influence on the number of open space
Scarpa et al. (2000), who estimate the value of 24 forests used for
referenda held, suggesting that the rate of change in urbanisation
recreation in Northern Ireland and the Republic of Ireland.5 Value
also affects public perceptions and preferences for open space.
estimates have been standardised to US$ per hectare per annum in
The most commonly applied valuation methods in the open space
2003 prices using GDP deflators and PPP exchange rates from the
literature are hedonic pricing (HP) and contingent valuation (CV).3 We
World Bank World Development Indicators 2006.6 The mean value is
conduct separate meta-analyses on the results from these two valu-
ation methods. It should be noted that value estimates from these two
methods are generally not directly comparable. Aside from differ- 5
Almost one third of our sample is taken form a single study, which presents
ences in the welfare measures that they estimate,4 HP has been used a potential problem for our analysis. Unexplained similarities in value estimates
to estimate the impact of distance to open space on property values, produced by the same author (i.e., authorship effects) may invalidate the
whereas CV studies have tended to value open space in terms of units assumption of independent observations. We test for the presence of authorship
of area (e.g., WTP for the preservation of a particular plot of land). effects in the data using the multi-level modelling approach described in Section
2.2 and find no significant effect.
6
Value estimates are reported in the literature using a wide range of units that
describe beneficiaries (e.g., person, household, total economic constituency),
2
The term ‘peri-urban’ is used to describe areas that are immediately adjoining temporal periods (e.g., day, month, year, present value over a specified time
an urban area. The equivalent term ‘exurban’ is also used in the literature. horizon), and units of area (e.g., hectare, acre, total area, percentage of total). We
3
There are a few studies that apply the travel cost method (Dwyer et al., 1983; standardised value estimates to our chosen specification of dependent variable
Lindsey et al., 2004; Lockwood and Tracy, 1995) and choice experiments (Duke using information contained in the primary studies on numbers of beneficiaries,
et al., 2002; Mallawaarachchi et al., 2006) to value urban open spaces. temporal periods, and the area of each study site. If the required information was
4
CV estimates compensating or equivalent surplus, whereas HP estimates Mar- missing from a primary study, it was not possible to include value estimates from
shallian consumer surplus (see Section 4 for more detail). the study.
L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773 2765

Table 1
List of contingent valuation studies included in the meta-analysis.

Publication Journal/Working paper Study site Type of area Sample size No. of obs.
Bergstrom et al. (1985) SJAE Greenville county, South Carolina, US Agricultural land 250 4
Bishop (1992) JEPM Derwent and Watford, UK Forest 100 2
Bowker and Diychuck (1994) ARER Moncton, New Brunswick, Canada Agricultural land 92 4
Breffle et al. (1998) Urban Studies Boulder, Colorado, US Undeveloped land 72 1
Chen (2005) Working paper Taiwan Agricultural land 236 3
Fleischer and Tsur (2000) Conf. Proceedings Hula and Jezreel valleys, Israel Agricultural land 161 2
Fleischer and Tsur (2004) ERAE Northern Israel Agricultural land 350 1
Hanley and Wright (1992) JEPM Chester, UK Agricultural land 119 1
Jim and Chen (2006) LUP Guangzhou, China Urban green space 340 1
Krieger (1999) Working paper Chicago collar counties, US Agricultural land 1681 3
Kwak et al. (2003) Urban Studies Seoul Metropolitan Area, South Korea Forest 600 1
Lindsey and Knaap (1999) JPRA Marion County, Indiana, US Urban green space 354 1
Lockwood and Tracy (1995) JLR Centennial Park, Sydney, Australia Urban park 105 1
Maxwell (1994) JEM Marston Vale, Bedfordshire, UK Forest 100 4
Rosenberger and Walsch (1997) JARE Routt County, Colorado, US Agricultural land 171 4
Ready et al. (1997) Growth and Change Kentucky, US Agricultural land 110 1
Scarpa et al. (2000) FPE 24 forests in N. and Rep. Ireland Forest 300 24
Tyrvainen and Vaananen (1998) LUP Joensuu, Finland Forest 71e205 8
Tyrvainen (2001) JEM Salo, Finland Forest 67e235 6
Willis and Whitby (1985) JRS Tyne county, UK Agricultural land 103 1

Journal acronyms: ARER: Agricultural and Resource Economics Review, JLR: Journal of Leisure Research, ERAE: European Review of Agricultural Economics, JPRA: Journal of Park
and Recreation Administration, FPE: Forest Policy and Economics, JRS: Journal of Rural Studies, JARE: Journal of Agricultural and Resource Economics, LUP: Landscape and Urban
Planning, JEM: Journal of Environmental Management, SJAE: Southern Journal of Agricultural Economics, JEPM: Journal of Environmental Planning and Management.

US$ 13,210 per hectare per annum, and the median value is US$ gives the impression that each hectare in an open space is equally
1,124, reflecting a rather skewed distribution. productive, i.e., exhibits constant returns to scale or equivalently
The selection of the units in which to standardise value esti- that the marginal value is equal to the average value. Without being
mates required careful assessment of the underlying data. The able to convert marginal values to average values or vice versa, we
valuation questions used in most of the studies included in our assume exactly this. This assumption is examined later on in the
sample are formulated to elicit WTP for the creation or mainte- discussion on whether open space exhibits increasing or decreasing
nance of a specified area of open space rather than WTP per visit (as returns to scale.
is often the case in CV studies of national parks or marine protected In terms of site characteristics, we coded information on loca-
areas). We therefore chose to standardise values on a per hectare tion, type of land use, services provided, and area of the site. The
rather than per visit basis. Values that are reported per household studies included in our database cover 15 countries and US states
or per visitor were aggregated using information on the number of (listed in Table 1). We anticipate that preferences for open space
households or visitors that form the economic constituency or will vary across countries and regions depending on different
market for each open space. This information was taken from the cultural influences and perceptions of natural and open spaces. The
underlying primary valuation studies. In assessing consumer categories of open space that we use are: forest, park, green space,
valuation of changes in area of open space, both the change in area undeveloped land, and agricultural land. Due to the low number of
and the initial area of open space may matter. We use the former to observations for parks, green space, and undeveloped land, we
standardise estimated values to a per hectare basis whereas the combine parks and green space in one category and combine
latter is included in the meta-regression as an explanatory variable. undeveloped land with agricultural land in the meta-regression
It is important to recognise the distinction between these two analysis. The categories of open space services are: recreation,
measures of area and specifically that we avoid the inclusion of the preservation, aesthetic, and environmental/agricultural. Open
same measure of area on both sides of the meta-regression func- space may be used for a number of recreational activities such as
tion. A further consideration in defining the units in which to sports, picnicking, dog walking, bird watching etc., but in the
standardise value estimates is that for the purposes of using the interest of maintaining a manageable number of explanatory
estimated meta-regression function for value transfer, it is prefer- variables we group all recreational activities together. Environ-
able to define the dependent variable in per hectare rather than per mental and agricultural services include micro-climate stabilisa-
person terms. This avoids the potentially difficult step in a value tion, water retention, and water purification. Again due to the low
transfer exercise of identifying the population that hold values for number of observations, these services were combined as one
the policy site open space.7 Instead, the population size effect on category. There is inevitably some degree of correlation between
the value of open space is controlled for by including a population type of open space and the services provides, notably environ-
variable in the meta-regression. mental/agricultural services are mainly provided by agricultural
In standardising open space values we faced the problem of land. The provision of other open space services from agricultural
distinguishing between average and marginal values, both of which land has, however, also been valued.
can be expressed as a monetary value per hectare. The majority of In terms of study characteristics we coded information on the
open space valuation studies have estimated total or average values payment vehicle used, the elicitation format, and the sample size.
but there are also a large number of estimates of marginal open The categories of payment vehicle are: entry charge, tax, donation
space values. Expressing open space values in per hectare terms to a fund, and other payment vehicles. Other payment vehicles
include increases in accommodation costs and increases in the
price of rice. The categories of elicitation format are: dichotomous
7
The difficult step of aggregating mean household or visitor values across the
choice, open-ended, and payment card. The sample sizes used in
relevant economic constituency is not avoided but conducted in the standardisation the underlying studies vary greatly, ranging from 67 to over 1600.
process using information on each study site from the primary valuation study. To some extent sample size may indicate study quality and the
2766 L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773

precision of value estimates, and we use this information to weight estimation, for which unreliable region specific implicit prices are
value observations in the meta-regression (this issue is discussed in differentially shrunk towards the overall estimate. The estimated
more detail below). model is:
Information on average incomes for the samples included in the
c a s
underlying CV studies was generally unavailable. We therefore yij ¼ a þ b X cij þ b X aij þ b X sij þ mj þ 3ij ;
added data on GDP per capita at the state level for US states from
the National Bureau for Economic Research (www.nber.org) and where the subscript i takes values from 1 to the number of obser-
the national level for all other countries from Globalis (http:// vations and subscript j takes values from 1 to the number of
globalis.gvu.unu.edu) for the relevant year for each underlying regions, a is the constant term, mj is an error term at the second
study. We also added data on population densities at the state, (region) level, 3ij is an error term at the first (observation) level, and
province, or county level, and for the area within a 4 km, 8 km, and the vectors bc, ba and bs contain coefficients to be estimated by the
12 km radius of each study site using a GIS.8 model on explanatory variables in Xc, Xa and Xs, respectively. We
assume that mj and 3ij follow a normal distribution with means
equal to zero and that they are uncorrelated, so that it is sufficient
2.2. CV meta-regression specification and results to estimate their variances, s2m and s23 respectively. This type of
model is also known as a variance components model, given that
The dependent variable in our regression equation is a vector of the error variance is partitioned into components corresponding to
values in US$ per hectare per year in 2003 prices, labelled y. The each level in the hierarchy. In our model, the level 2 error term
explanatory variables are grouped in three different matrices that represents each region’s departure from the population mean,
include the site characteristics in xc (i.e., type of open space, open represented by the constant term.
space service, and area of site), the study characteristics in xa (i.e., In order to control for differences in the precision of the
payment vehicle and elicitation format), and the socio-economic underlying value estimates, we weight the observed values by the
characteristics of the population in xs (i.e., GDP per capita and square root of the sample size in the underlying study, as proposed
population density). The model fit was considerably improved by by Hunter and Schmidt (1990). This weighting procedure has been
using the natural logarithm of the dependent variable, the area of shown to be less efficient but also less biased than using weights
the site, GDP per capita, and population density. In addition we based on the standard errors of the effect sizes (Sanchez-Meca and
centred the area, income, and population density variables (i.e., Marin-Martinez, 1998). Standard errors for the value estimates in
subtracted the mean of each variable from each observation’s value our sample are, however, generally not reported and so this alter-
for that variable) so that the intercept term can be interpreted as native weighting option was not possible. The effect of weighting
the predicted value for a site that has average values for each the observed values does not have a substantial effect on the esti-
continuous explanatory variable. Following Bateman and Jones mated coefficients but does reduce the standard errors. The results
(2003) we use a multi-level modelling (MLM) approach to esti- of the meta-regression are presented in Table 2.
mate the meta-regression.9 The two-level MLM is similar to the The estimated coefficients on the explanatory variables that
one-way error components random effects model but allows for are expressed as logarithms can be interpreted as elasticities, i.e.,
more complex modelling of the variance components observed at the percentage change in the dependent variable given a
each level of a specified hierarchy. MLM allows a relaxation of the percentage point change in the explanatory variable. The coeffi-
common assumption of independent observations, and allows us to cients on the dummy variables included in the model measure the
examine hierarchies within the data, such as similarity of estimates constant proportional change or relative change in the dependent
in the same region. There are of course multiple possible sources of variable for a given absolute change in the value of the explanatory
dependence in meta-analysis data (see Rosenberger and Loomis, variable.
2000). In our case the choice for dependence within regions
seems plausible since preferences for open space likely differ across
regions. Explanations for these regional differences are, for
Table 2
example, differences in total supply and quality of open space, but
CV meta-regression results.
also culturally determined differences in preferences. These factors
we cannot explicitly control for in our meta-analysis, so they are Variable category Variable Coefficient Standard
error
accounted for by the regional variance component. We also
Constant 7.35*** 1.13
examine dependence within studies, which to some extent coin-
Land use Parks and green space 2.25** 0.85
cides with the same clustering of value observations in regions, but Agricultural and 1.75 1.07
do not find a statistically significant effect. undeveloped land
The use of MLM provides an indication of where the assumption Services Recreation 1.44* 0.81
of independence may be invalid, and also improves the estimation Preservation 0.82 0.76
Aesthetic 0.90 0.60
of standard errors on parameter coefficients. The practical advan-
Area Area (ln) 0.80*** 0.06
tage of using MLM over simply including regional dummy variables Payment vehicle Entry charge 0.76 0.81
is that it uses data from all the observations in the sample to esti- Tax 1.52*** 0.56
mate the model. This pooling of information results in ‘borrowing Donation 2.02* 0.83
Elicitation format Dichotomous choice 1.42** 0.56
of strength’; region specific relations, that would be poorly esti-
Payment card 0.83** 0.44
mated if modelled on their own, benefit from information from Socio-economic GDP per capita (ln) 0.30 0.60
other regions (Orford, 2000). This results in precision-weighted Population density (ln) 0.49*** 0.11
Level 1 (estimate) variance 0.49*** 0.10
Level 2 (regional) variance 1.53*** 0.43
8 N 73
Population and population density information was derived from Center for
2  loglikelihood 191.9
International Earth Science Information Network (CIESIN) data. The process by
Pseudo R2 0.44
which this data was converted to represent each study site in our data set is
described in Wagtendonk and Omtzigt (2003). Dependent variable: 2003 US$ per hectare per year (ln).
9
The software used is MLwiN version 2.0 (see Rasbash et al., 2003). ***, **, * ¼ statistically significant at 1%, 5%, and 10%, respectively.
L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773 2767

The constant term is positive and significant at the 1% level. It


indicates that the value of open space with ‘average’ characteristics
is approximately 1550 US$/ha/year. Average characteristics corre-
spond to the average area (9918 ha), GDP per capita (20,542 US$),
and population density (218/km2) in the meta-data; and the
omitted categories of the dummy variables included in the meta-
regression, namely forests, environmental/agricultural services,
other payment vehicle, and open-ended elicitation format.
Regarding land use type, the coefficient on the parks and green
space dummy variable is positive and significant, indicating that
this type of open space is more highly valued than forest (the
omitted categorical variable). The coefficient on the agricultural
and undeveloped land dummy variable is positive but not signifi-
cant. This result contrasts with that of Kline and Wichelns (1998)
and Kotchen and Powers (2006), who find evidence of stronger
Fig. 1. Regional effects with 95% confidence intervals for contingent valuation meta-
preferences for agricultural land over other types of open space. In analysis.
terms of the services provided by open space, recreation appears to
be the most valuable. If an open space provides recreational
opportunities instead of environmental/agricultural services, the whether the confidence intervals overlap zero we can determine
value per hectare per year is 322% higher (holding all other char- whether the value of open space in a region differs significantly
acteristics constant). The coefficients on the preservation and from the overall average at the 5% level (remembering that level 2
aesthetic variables are also positive but not statistically significant. residuals represent regional departures from the overall average
The negative and highly significant coefficient on the area variable predicted by the constant term). There are three regions (England,
indicates that larger open spaces have lower per hectare values, i.e., Northern Ireland, and Republic of Ireland) for which the regional
there is diminishing marginal value of the size of open space. For average value is statistically significantly lower than the overall
example, an open space that is 10% larger than the average would mean, and three regions (Canada, South Korea, and Finland) for
have a value of 1432 USD/ha/year, i.e., 8% lower per hectare. This which the regional average value is statistically significantly higher
result also suggests that respondents in the underlying studies are than the overall mean.
sensitive to scope, i.e., are willing to pay more for larger areas of Regarding the practical application of these results for informing
open space. This result is in accordance with the finding of Smith policy making, the above meta-analytic function can be used to
and Osborne’s (1996) meta-analysis of scope effects for visibility estimate the value of changes in the area of open space. By
in national parks. substituting information on the parameter values for a specific site
Regarding the payment vehicle used in the study, the results and context, the value function can provide an estimate of the
show that taxes and donations both produce significantly lower annual value per hectare of open space. This estimated value per
values than other payment vehicles. This result corroborates Kotchen hectare can be multiplied by the proposed change in area of open
and Powers (2006) finding that the proposed funding mechanism for space under a policy scenario to provide the total annual value
the conservation measure under consideration has a significant associated with the change. Such information can be used to inform
impact on the outcome of referenda, with voters being less likely to decision-making regarding the provision of additional area of open
approve tax increases. We also find evidence that the elicitation space or the conservation of existing areas. It allows the direct
format used in the questionnaire has a significant influence on the comparison of the benefits of preserving an area of open space
values obtained. Dichotomous choice and payment card formats versus the costs, i.e., the value of alternative land uses or devel-
tend to produce significantly lower value estimates than the open- opment forgone. The use of the meta-analytic function for value
ended format. This is in contrast to the general finding in other transfer should, however, be conducted with caution since the
studies that mean WTP from dichotomous choice formats exceed precision of estimated values is likely to be low, particularly given
mean WTP from open-ended questions (Bateman et al., 1995). the observed but unexplained variation in values across the regions
We find a positive and significant relationship between the in the sample.
value of open space and population density (measured at the state,
county, or provincial level). A 10% increase in population density 3. Meta-analysis of hedonic pricing results
results in a 5% increase in the value of open space. The coefficient on
GDP per capita is positive but insignificant, suggesting that income In this section we present the results of a meta-regression
is not an important determinant of open space value. While analysis of hedonic pricing studies on the impact of open space
controlling for GDP per capita, we do still find significant regional on house prices. In Section 3.1 we discuss the selection of a stand-
differences in value estimates of open space as indicated by the ardised metric necessary to compare results from HP studies and
level 2 variance. The variance partition coefficient indicates that describe the characteristics of the studies included in the analysis.
76% of the total unexplained variance in the value of open space Section 3.2 describes the explanatory variables included in the
may be attributed to differences between regions. This suggests meta-regression, while Section 3.3 presents the estimation results.
that there are important regional differences in preferences for
open space. The regional effects (level 2 residuals) are presented 3.1. Effect size and study characteristics
in Fig. 1 together with 95% confidence intervals.10 By observing
There are numerous studies that apply a hedonic pricing technique
to analyse the effect of open space on house prices (e.g., Correll et al.,
10
1978; Powe et al., 1995; Din et al., 2001; Tyrvainen and Miettinen,
The level 2 residuals are estimated in the multi-level model using a shrinkage
factor that reflects the quantity of information about each regional effect (number
2000; Geoghegan et al., 1997; Lutzenhiser and Netusil, 2001;
and variance of value observations for each region) as described in Rasbash et al. Geoghegan, 2002; Irwin, 2002; Irwin and Bockstael, 2002; Kong
(2003). et al., 2007). We collected and reviewed 52 hedonic pricing studies
2768 L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773

that address the valuation of open space.11 As is the case for most open space appears to provide positive externalities. In our meta-
hedonic pricing research areas, the studies display wide variation in analysis model we include several variables that might explain
their characteristics, for instance, with respect to model specification, the variation in effect sizes; these are discussed below.
sample size, study area, and time period. Although most of these The type of open space most often valued in the HP literature is
issues can be controlled for in a meta-analysis, the differences in the urban park. Although other types of open space have been
model specification, and more specifically the differences in the valued, such as greenbelts and agricultural land, there are not
measurement and specification of open space as an explanatory sufficient observations to warrant a separate open space category.
variable, reduce the possibilities to transform the outcomes of studies In our model we therefore distinguish between urban parks and
to a common metric. A first problem is that studies use different open other types of open space.
space measures to analyse the impact of open space on house prices, Several studies show that the impact of distance on house prices
such as distance to open space, size of open space area, or percentage is lower when houses are located further away from open space. In
of open space within a certain area. Obviously, a coefficient on size of order to control for this potential source of effect size variation, we
open space cannot be transformed into the same metric as a coeffi- include the distance at which the effect size is evaluated in our
cient on distance to open space, and vice versa. We therefore have to model (evaluation point). A potential problem is that the functional
make a choice between the various open space measures. Although form and model specification used in a primary study largely
conducting a meta-analysis on the effect of size of open space on determine the shape of the relationship (see Brander and Koetse,
house prices would allow for an easier comparison with the results 2007). We therefore have to interpret the coefficient on the eval-
from the CV meta-analysis, this would also give us very few studies to uation point with caution. In general, however, we expect a nega-
work with. We therefore decided to use the distance to open space as tive coefficient, which would imply that a decrease in distance to
our effect size measure. Specifically, we defined the metric of our open space has a smaller effect at, for example, 200 m than at
dependent variable as the percent change in house price due to a 10 m 100 m. We use the centred natural logarithm of the evaluation
decrease in distance to open space. The process by which primary study point, i.e., we take natural logarithms and for each observation
results were standardised to the chosen definition of effect size is subtract the mean of the sample. This implies that the constant in
described in Brander and Koetse (2007). our meta-regression model represents the effect size for the
We collected more than 52 hedonic pricing studies on open average log evaluation point in the sample (180 m).
space, of which only a small number was suitable for inclusion in In addition to the distance at which the effect size is evaluated,
our database. The main reason for excluding a study was that it was we also include the distance over which the effect size was
not possible to derive the desired effect size. A smaller number of measured (distance). If decreasing marginal returns to distance
studies were excluded because crucial information on other char- hold in reality, effect sizes should decrease when measured over
acteristics was missing. For example, some studies did not provide longer distances (i.e., a negative coefficient). As with the evaluation
information on the average house price in the sample.12 Ultimately, point, we include the centred natural logarithm in our model. This
the database contains 12 studies that provide a total of 158 effect means that the constant term represents the effect size for the
sizes. It should be noted, however, that for some studies the average log distance in the sample (200 m).
number of effect sizes was increased for reasons set out above. In Income differentials could be important in explaining effect size
Table 3 we present some of the main characteristics of the 12 variation. Since for most studies GDP per capita was not available,
studies included in the meta-analysis. Most studies are fairly we use the average house price in the primary study sample as
recent, with 8 out of 12 studies from 2000 or later. It is striking that a proxy for income.13 Average house prices are converted to 2003
11 out of the 12 studies are from the United States, with 3 studies US$ using a GDP deflator and PPP transformation where necessary.
from Oregon and 3 from North Carolina. In addition, most studies We again use the centred natural logarithm of average house price,
test for the impact of urban parks on house prices. Other categories which implies that the constant in our meta-regression model
of open space include forests, greenbelts, natural areas, and agri- represents the effect size for the mean of log average house prices
cultural land, but none of these categories are abundant in the in the sample (106,000 US$ in 2003 prices). Note that in con-
database. Finally, there is large variation in the sample sizes used structing the dependent variable we already include an income
for estimation, implying substantial differences in the precision of effect, i.e., a 1% increase in house price is a larger amount of money
effect size estimation between studies. in absolute terms for a more expensive house than for a less
expensive house. However, we may still be able to discern an
3.2. Explanatory variables income effect (in terms of percentages) if there is sufficient varia-
tion in income levels between studies and regions.
The dependent variable in our regression equation is defined as In order to control for the degree of urbanisation, which in turn
the percentage change in house prices due to a 10 m decrease in can be regarded as a measure of scarcity of open space, we include
distance to open space. The unweighted average effect is 0.137%, i.e., the population density (number of people per square kilometre) of
house prices increase when located closer to open space. As such, the region under investigation (for details see Brander and Koetse,
2007). We use the centred natural logarithm of population density,
implying that the constant in our meta-regression model repre-
11
We used Google Scholar for an initial search for studies, using various search sents the effect size for the log average population density in the
terms, both in isolation and in combination (e.g., open space, hedonic pricing, sample (1720 people per km2). Since population density may be
property values, green, urban green). This gave a substantial number of studies. We regarded as a measure of scarcity of open space and a measure of
then went through the reference lists of the obtained studies to search for other
crowdedness of an area, we expect a positive sign (i.e., open space
potentially interesting studies. The a priori selection criteria were that a study
should be a hedonic pricing study, should use house prices as the dependent has a higher value in crowded areas and when supply of open space
variable, and should have some characteristic of open space among the explanatory is relatively limited).
variables (e.g., distance to open space, size of nearest open space). The list of
hedonic pricing studies is obtainable from the authors on request.
12
In the case that relevant information was not included in the study, we sent an
email to the authors requesting the desired information. This exercise was
13
successful for many studies, but for some studies the desired information was no Average house price is likely a more exact measure of income than the GDP
longer available or we did not receive a reply to our request. figures at the state level used for the CV analysis.
L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773 2769

Table 3
List of hedonic pricing studies included in the meta-analysis.a

Publication Study site Type of area Functional form Sample size No. of obs.
Correll et al. (1978) Colorado, USA Greenbelt Linear 85 4
Vaughan (1981) Illinois, USA Urban park Semi-log 100 48
Palmquist (1992) Washington, USA Urban park Semi-log 4785 3
Bolitzer and Netusil (2000) Oregon, USA Urban park Linear, Semi-log 16,402 10
Lutzenhiser and Netusil (2001) Oregon, USA Urban park, Natural area park Box-Cox 16,747 12
Kim and Johnson (2002) Oregon, USA Forest Linear, Box-Cox 752 11
Smith et al. (2002) North Carolina, USA Forest; Agricultural land; Public Semi-log 9409; 6325; 21
open space 2866; 1037
Tajima (2003) Massachusetts, USA Urban park Double-log 16,044 24
Bengochea-Morancho (2003) Castellon, Spain Urban park Linear 593 3
Mansfield et al. (2005) North Carolina, USA Forest Linear 11,206 7
Palmquist and Fulcher (2006) North Carolina, USA Urban park Semi-log 96,585 3
Anderson and West (2006) Minnesota, USA Urban park Double-log 24,862 12
a
Out of the 12 studies, 11 were published in a journal and 1 in a peer reviewed book.

The models used in the primary studies have different func- open space, at an average distance over which the effect size was
tional forms, i.e., linear, semi-log, double-log and Box-Cox model measured, at an average house price, and for an average population
specifications are all present. In estimating the meta-model we first density (see Section 3.2), house prices increase by approximately
controlled for every different functional form. The results showed 0.1% when they are located 10 m closer to open space. The impact of
that the distinction between linear and non-linear studies is the urban parks on house prices appears similar to the impact of other
most relevant distinction. In the final model specification we types of open space. The coefficient on the evaluation point is
therefore include a dummy variable that is equal to one for linear negative and indicates that when a house is located at 190 m from
studies, i.e., non-linear studies are the reference category.14 open space rather than 180 m (the average evaluation distance in
Finally, hedonic pricing studies vary widely with respect to the sample), the increase in house price due to a 10 m decrease in
model specification. Many of these we cannot control for in our distance is reduced by 0.038 percentage points to 0.059%. Similarly,
meta-analysis because in most primary studies important charac- when a house is located 170 m from open space rather than 180 m,
teristics of open space are not reported. For example, looking at the the effect increases by 0.038% points to 0.135%. An even stronger
CVM meta-regression results, an important characteristic is size of result is obtained for the distance over which the effect size was
the open space area. In the HP meta-analysis we cannot control for measured. The coefficient is also negative but is larger and statis-
size. Although not controlling for these issues may reduce the tically significant at 5%. These findings reveal that the further
overall explanatory power of our meta-analysis model, our meta- a house is located from open space, the smaller the price effect of
coefficients are still unbiased as long as the omitted variables are moving closer to open space.
not correlated with the included variables. With respect to the socio-economic variables, the sign of the
coefficient on average house price, included as a measure of
income, shows that a higher income increases the impact of
3.3. Model specification and results distance from open space on house prices. The coefficient, however,
is not statistically significant. Population density also appears to
Similar to the CV meta-regression, we use a multi-level model increase the impact of distance. Population density possibly
with the region from which each value estimate is observed spec- represents several things. Most importantly it may be regarded as
ified as the second level. The estimated meta-regression model is: a measure of scarcity of open space and a measure of crowdedness
of an area. In that light, the result makes sense, in that the value of
yij ¼ a þ bX ij þ mj þ 3ij ; open space increases with crowdedness and scarcity of open space.
where y is a vector of effect sizes, a is a constant, and b is a vector of The results furthermore reveal a rather substantial impact of
parameters on explanatory variables X. The subscript i indexes the
effect sizes and subscript j indexes the regions in the sample (US
states in all cases but one, see Table 3). The error term consists of
two parts, i.e., mj is an error term at the second (regional) level, and Table 4
Hedonic pricing meta-regression results.
3ij is an error term at the first (effect size) level. Similar to the CV
meta-analysis, we weight the data with the square root of sample Variable category Variable Coefficient Standard
size in order to control for differences in effect size precision error

between studies. The results of the meta-regression are presented Constant 0.097** 0.041
Land use Urban Park (dummy) 0.004 0.009
in Table 4.
Distance Evaluation point (ln) 0.038* 0.020
The constant is positive and statistically significant at 5%. It Distance (ln) 0.134** 0.058
reveals that for non-linear studies, at an average distance from Socio-economic Average house price (ln) 0.058 0.059
Population density (ln) 0.067** 0.030
Functional form Linear (dummy) 0.180** 0.039
14 Level 1 (estimate) variance 0.031* 0.016
Initially we also included a time trend in the model. For each observation we
Level 2 (regional) variance 0.010** 0.004
determined the time period of the data used and take the middle year to represent
N 158
that period. We transformed this variable such that 1971 (the oldest middle year in
2  loglikelihood 103
the meta-analysis sample) equals one, 1972 equals 2, etc., and included the
Pseudo R2 0.13
resulting variable as a time trend in our model. The coefficient on the time trend
was small and statistically insignificant, and had a very small influence on other Dependent variable: % change in house prices due to a 10 m decrease in distance to
model coefficients. We therefore decided to exclude this variable from our final open space.
model. **, * ¼ statistically significant at 5% and 10%, respectively.
2770 L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773

functional form on the outcome of a study. Estimates obtained from subject to hypothetical bias, i.e., bias that may occur because CV
linear models are considerably higher than those obtained from respondents do not actually bear the consequences of their stated
non-linear models, i.e., linear studies produce a substantially larger behaviour (see Murphy et al., 2005). Second, in addition to the fact
impact of open space on house prices than non-linear studies. Since that HP studies generally measure one-time percentage changes in
there is no clear theory that tells us which functional form is property values, while CV studies measure annual WTP values, CV
optimal for this type of hedonic pricing analysis, our results only and HP do not estimate identical welfare measures. By directly
reveal the consequences of differences in functional form, and not asking respondents to state their WTP or WTA for (hypothetical)
which one is preferable. changes in environmental quality or quantity, CV provides estimates
Finally, similar to the CV analysis we find that there are of the technically precise welfare measures of compensating and
unspecified regional differences in value estimates of open space, as equivalent surplus. HP estimates Marshallian consumer surplus,
indicated by the level 2 variance. This suggests that there are which approximates, and is bounded by, the compensating variation
important regional differences in preferences for open space. Fig. 2 and equivalent variation welfare measures. For relatively small price
presents the regional effects and 95% confidence intervals. Two changes, the error of this approximation is small (Willig, 1976), but
regions (Minnesota and Oregon) have average values that are for large price changes (e.g., when considering a price change large
statistically significantly below the overall average, whereas enough to drive the quantity demanded to zero) the error can be
Massachusetts has an average value of open space that is signifi- substantial (Freeman, 2003). In response to this potential error there
cantly higher than the overall average. Using a similar model are now several hedonic pricing studies that attempt to estimate
specification we examined study effects in place of regional effects. Hicksian measures of consumer surplus (see, for example, Driscoll
In this case we do find a significant study effect but since there is et al., 1994). Third, HP and CV methods may differ in terms of the
a large correspondence in the clustering of valuation observations component(s) of total economic value that they estimate (Johnston
by region and by study it is not possible to identify the underlying et al., 2001). The HP method is generally applied to capture the
causes of the observed dependence. value of services that are in some way dependent on housing loca-
Regarding the potential practical application of these results, the tion relative to the location of the resource under consideration. CV,
estimated meta-analytic value function can be used to conduct value on the other hand, can be applied to estimate use and non-use values
transfers to estimate the welfare implications of the provision of for environmental services that are not sensitive to the respective
open space. In a similar fashion to the CV value function, property locations of recipient and resource. As such, the hedonic pricing
and context specific parameter values can be substituted into the method can only be used to estimate the value of a restricted set of
value function to produce estimates of the change in house prices environmental services. Differences in value estimates for open
due to a change in the distance to open space. The HP based value space from these two methods are therefore to be expected given
function is therefore suitable for addressing questions regarding the that the services derived from open space include amenities that are
configuration of residential land use and urban open space in terms spatially and non-spatially dependent (Ready et al., 1997). Johnston
of distance between the two. For example, it could be used to esti- et al. (2001) value the amenity benefits of coastal farmland in
mate the difference in value associated with providing open space Suffolk County, New York, using both CV and HP. The CV results show
that is 100 m distance from a residential area versus 200 m distance. farmland to produce positive externalities whereas the HP results
In principle the value function could be used to estimate the change reveal that proximity to farmland has a negative influence on house
in house price for each property in the study site given information prices. These contrasting results are explained as reflecting the
on the distance of each property to open space. Such a value transfer different types of externalities being valued by each method (i.e.,
exercise is, however, highly data intensive. Again we recommend non-spatially dependent use values and non-use values vs. spatially
caution in using the meta-analytic value function for value transfer dependent use values).
given the low expected precision of transferred values. Clearly, the results from CV and HP studies may differ due to
a number of reasons, and a priori there is no good theoretical
4. Comparison of CV and HP results reason why either method would produce (systematically) higher
or lower value estimates. A number of studies have attempted to
There are several fundamental differences between HP and CV make direct comparisons between the results of CV and HP
studies. A first difference is that HP studies analyse actual behaviour methods. Brookshire et al. (1982) set out a theoretical justification
and preferences, while CV studies analyse stated behaviour and for differences in HP and CV results and then compare values for
preferences in hypothetical situations. The latter may therefore be clean air in Los Angeles estimated using each method. Their results
show HP to produce significantly higher values than CV. Blomquist
(1988) and Shabman and Stephenson (1996) find similar results. In
general, however, there is evidence to suggest that the two
methods produce broadly similar value estimates (Bateman et al.,
2004). Carson et al. (1996) review 83 valuation studies for quasi-
public goods from which 616 comparisons of CV and revealed
preference (RP) estimates are made. The sample mean CV/RP ratio
is 0.89 with a 95% confidence interval of 0.81e0.96 and a median of
0.75. While the Carson at al. (1996) results show that RP methods
produce higher value estimates than CV, they also show that esti-
mates from these two methods are within the same range (see also
Ready et al., 1997). A number of meta-analyses of the environ-
mental valuation literature have also examined the influence of
valuation methods on estimated values. For example, in a meta-
analysis of the wetland valuation literature Woodward and Wui
(2001) find that HP studies produce statistically significantly
Fig. 2. Regional effects with 95% confidence intervals for hedonic pricing meta- higher values than CV studies, whereas Ghermandi et al. (2010)
analysis. finds no significant difference in values from these two methods.
L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773 2771

While the results from the two meta-analyses presented in this The results of the meta-analyses can also be used to address the
paper do not allow a comparison between CV and HP in terms of hypotheses set out in the introduction. The first hypothesis that was
the magnitude of the values they generate due to differently put forward was that open space is a normal good. The income vari-
defined dependent variables, it is interesting to compare the meta- ables in the two meta-regressions are both positive but insignificant,
regression models for consistency in the sign and significance of the suggesting that the value of open space is weakly related to income
explanatory variables that they have in common. levels. This result is in accordance with the findings of Deacon and
In both models the population density variable is positive and Shapiro (1975), Kline and Wichelns (1994), and Romero and Liserio
significant, indicating that the value of open space increases with (2002), who also find no significant income effect for the value of
population density. The income variables included in the two open space. While we would expect open space to be a normal good
models are only approximately comparable (we use state or for which demand increases with income, it might be the case that
national level GDP per capita in the CV meta-regression and people prefer to consume private open space (e.g., private gardens)
average house prices in the HP meta-regression), but in both cases rather than public open space as their incomes increase.
the estimated coefficients reveal an insignificant positive effect. The second hypothesis is that the value of open space increases
Although we might expect open space to be a normal good, the with population density. The population density variables in both
results do at least support each other in showing no significant models are positive and significant. This variable may represent
effect of income on open space value. demand for open space as well as the scarcity of open space. In both
Regarding differences in values for different types of open space, cases we would expect a positive relationship with open space
both models indicate that urban parks have higher values than value, and this is confirmed by our results. This finding suggests
other types of open space, although the relationship is not signifi- that remaining open spaces in densely populated urban areas are
cant in the HP meta-regression. We also observe that methodo- highly valued and therefore may warrant preservation.
logical differences in the underlying studies in both meta-analyses An important finding from the meta-analyses is that the meth-
are broadly significant e indicating that study design is an impor- odological design of the underlying valuation study has a large
tant determinant of estimated value for both CV and HP. influence on the results of both CV and HP. In the case of CV, we find
The inclusion of regional level variance in the multi-level model that values elicited using taxes or donations as the payment vehicle
specification is significant for both the CV and HP data, showing tend to be significantly lower. Similarly, the use of dichotomous
that there are important regional differences in preferences for choice or payment card elicitation formats produce significantly
open space and that both CV and HP studies pick these up. It is lower values than when an open-ended format is used. In the case of
noteworthy that the three regions that are represented in both the HP, the choice of functional form for the hedonic price function
CV and HP data (namely North Carolina, Colorado and Illinois) greatly affects the values estimated, with linear specifications
follow the same ordering of residuals in the two meta-regression producing significantly higher values. These results highlight the
models (see Figs. 1 and 2). Controlling for other determinants of influence of study design on estimated values and the need to
the value of open space, both CV and HP studies appear to find that recognise and account for this when using valuation results.
the value of open space is higher in Illinois than in Colorado and Finally, we estimate a multi-level meta-regression which allows
North Carolina. us to control for dependencies in the meta-analysis data. Although
there are many possible sources of dependence, in this study we
account for dependence within regions. This choice seems plausible
5. Conclusions since preferences for open space likely differ across regions, for
example because of differences in total supply and quality of open
This paper provides an overview of the results of contingent space, the historical role of different land uses across regions, and
valuation and hedonic pricing studies on the value of urban and differences in attitudes, perceptions and cultural context. Since we
peri-urban open space and has attempted to identify the important cannot explicitly control for these factors in our meta-analysis, they
physical, socio-economic, and study characteristics that determine are accounted for by a regional variance component. The results
the value of open space. CV studies have tended to value open space show that there are indeed important regional differences in
in terms of units of area, whereas HP has largely been used to value preferences for open space, which may constrain the potential for
open space in terms of the influence of distance to open space on transferring estimated values between regions.
property prices. We therefore conducted separate meta-analyses Regarding the application of the study results for informing
on the valuation results of each method. policy decisions, the two meta-analyses lend themselves to
The dependent variable in the CV meta-regression is defined as answering different policy questions. For land use planning related
the value of open space per hectare per year in 2003 US$. The to the provision of additional urban open space (or conservation of
estimate from the meta-model shows that, for mean values in the exiting areas), the CV value function can be used to estimate the
meta-analysis sample of population density, income and size of the value per unit area, and subsequently the value of total area change
area, the value of a forest is around 1500 US$. Important factors under a policy scenario. Regarding the spatial configuration of
influencing this value are land use, services provided by the area, residential land use and urban open space, the HP value function
and size of the area. Especially urban parks and areas used for can be used to estimate the value associated with reduced distances
recreation purposes have higher values, while size of the area between residences and urban open space. We caution, however,
decreases the value per hectare (i.e., not total value of the area), that in light of observed regional variation in values, the precision
which points to decreasing returns to size. of transferred values is likely to be low. Value transfers should
The dependent variable in the HP analysis is defined as the therefore not be undertaken in contexts where precise value esti-
change in house price for a 10 m decrease in distance to open space mates are required.
in 2003 US$. The model estimations show that, for mean values in
the meta-analysis sample of population density, income, and Acknowledgements
measurement values in the underlying primary studies, the
increase is around 0.1%. The results furthermore show that this The authors would like to thank Erik Verhoef, Jeroen van den
effect increases (decreases) rapidly when getting closer to (further Bergh, Raymond Florax, and Sebastiaan Hess for useful comments
away from) open space. and suggestions on earlier drafts of this paper. We also gratefully
2772 L.M. Brander, M.J. Koetse / Journal of Environmental Management 92 (2011) 2763e2773

acknowledge the contribution of Bogusia Igielska in helping to Geoghegan, J., 2002. The value of open spaces in residential land use. Land Use
Policy 19, 91e98.
build the database. Useful comments and suggestions by three
Geoghegan, J., Wainger, L.A., Bockstael, N.E., 1997. Spatial landscape indices in
anonymous reviewers are greatly appreciated and have led to a hedonic framework: an ecological economics analysis using GIS. Ecological
considerable improvements in the paper. This research is sup- Economics 23, 251e264.
ported through the Habiforum research programme and the Ghermandi, A., van den Bergh, J.C.J.M., Brander, L.M., de Groot, H.L.F., Nunes, P.A.L.D,
2010. Values of natural and human-made wetlands: a meta-analysis. Water
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an application to Green Belt land. Journal of Environmental Planning and
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