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Spatial Hedonic Valuation of a Multi-use Urban Wetland in Southern California

Published online by Cambridge University Press:  15 September 2016

Elaine F. Frey ,
Marissa B. Palin ,
Patrick J. Walsh  and
Christine R. Whitcraft
Elaine F. Frey*
Affiliation:
Department of Economics at California State University Long Beach
Marissa B. Palin
Affiliation:
Centre for Resource Management and Environmental Studies at University of the West Indies
Patrick J. Walsh
Affiliation:
National Center for Environmental Economics of the U.S. Environmental Protection Agency
Christine R. Whitcraft
Affiliation:
Department of Biological Sciences at California State University Long Beach. At the time this research was conducted
*
Corresponding Author: Department of Economics, California State University, 1250 Bellflower Boulevard, SPA 349, Long Beach, CA 90840, Phone 562.985.5086, Email Elaine.Frey@csulb.edu.
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Abstract

Most of Southern California's wetlands have disappeared despite being critical ecosystems with many valuable attributes. Many of the wetlands that remain are in relatively urban areas, are severely degraded, and may not function properly. Using hedonic spatial error models, we measure the economic value of living near an urban multi-use wetland in Long Beach, California. Both sales prices and estimated values are used in the analysis. Results show that proximity to wetlands increases residential property values in the focus area. This analysis provides important information for policymakers to justify ongoing restoration projects and prevent further degradation of urbanized natural resources.

Keywords

economic valuationhedonic pricingwetlands
Type
Contributed Papers
Information
Agricultural and Resource Economics Review , Volume 42 , Issue 2 , August 2013 , pp. 387 - 402
Copyright
Copyright © 2013 Northeastern Agricultural and Resource Economics Association 

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