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Title: Intra-Regional Amenities, Wages, and Home Prices: The Role of Forests in the Southwest

Citation Type: Miscellaneous

Publication Year: 2007

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Abstract: Forests provide non-market goods and services that people are implicitly willing to pay forthrough hedonic housing and labor markets. But it is unclear if compensating differentialsarise in these markets at the regional level. The answer to this empirical question is addressedin a study of the Southwest United States, composed of Arizona and New Mexico. Hedonicregressions of housing prices and wages using Census and geographic information systems datashow that U.S. Forest Service area carries a marginal implicit price of between $27 and $36per square mile annually. Surface water area is priced between $4 and $16 per square mileannually. The existence of significant compensating differentials at the regional level suggeststhat care must be taken when applying the travel cost method to value regionally-delineatedcharacteristics.

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Authors: McCollum, Daniel W.; Hand, Michael S.; Thacher, Jennifer A.; Berrens, Robert P.

Publisher: University of New Mexico

Data Collections: IPUMS USA

Topics: Other

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