Abstract

The benefits of large patches of tree canopy are estimated by applying a hedonic price model to the sale of single-family residential properties in Portland, Oregon. The first-stage analysis provides evidence of diminishing returns from increasing tree canopy past a certain level. The second-stage analysis uses a survey of property owners' preferences and socioeconomic characteristics to overcome the problem of endogeneity. Average benefit estimates for the mean canopy cover within ΒΌ mile of properties in the study area, using the second-stage model, are between 0.75% and 2.52% of the mean sale price.

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Additional Information

ISSN
1543-8325
Print ISSN
0023-7639
Pages
pp. 281-293
Launched on MUSE
2012-04-04
Open Access
No
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