Hostname: page-component-cd9895bd7-q99xh Total loading time: 0 Render date: 2024-12-23T09:07:44.408Z Has data issue: false hasContentIssue false
  • English
  • Français

The Value of Forever Wild: An Economic Analysis of Land Use in the Adirondacks

Published online by Cambridge University Press:  15 September 2016

Carrie M. Tuttle  and
Martin D. Heintzelman
Carrie M. Tuttle
Affiliation:
Institute for a Sustainable Environment
Martin D. Heintzelman*
Affiliation:
School of Business and Fredric C. Menz Scholar of Environmental Economics at Clarkson University in Potsdam, New York
*
Corresponding Author: Martin Heintzelman ▪ School of Business ▪ Clarkson University ▪ Potsdam, New York 13699 ▪ Phone 315.268.6427 ▪ Email [email protected].
Get access Rights & Permissions [Opens in a new window]

Abstract

The mix of public and private land ownership within the Adirondack Park often leads to conflict between development and conservation interests. We explore the effects of the Adirondack Park Agency's classifications on property values through hedonic analysis while simultaneously controlling for environmental and recreational amenities. Results show that lands in the park classified for moderate-intensity use sell at a premium of up to 7 percent while lands in more restrictive classes are discounted. There is also evidence that decreasing the impact of humans by one unit increases property values by approximately 2 percent.

Keywords

Adirondackshedonic pricing modelland use
Type
Selected Papers
Information
Agricultural and Resource Economics Review , Volume 42 , Issue 1 , April 2013 , pp. 119 - 138
Copyright
Copyright © 2013 Northeastern Agricultural and Resource Economics Association 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Acharya, G., and Bennett, L.L. 2001. “Valuing Open Space and Land-use Patterns in Urban Watershed.” Journal of Real Estate Finance and Economics 22(2/3): 221–237.CrossRefGoogle Scholar
Adirondack Park Regional Assessment Steering Committee. 2009. “Adirondack Park Regional Assessment Report.” Available at http://aatvny.org/content/Generic/View/1:field=documents;/content/Documents/File/16.pdf (accessed March 2, 2013).Google Scholar
Anderson, R.C., and Dower, R.C. 1980. “Land Price Impacts of the Adirondack Park Land Use and Development Plan.” American Agricultural Economics Association 62(3): 543–548.CrossRefGoogle Scholar
Anderson, S.T., and West, S.E. 2006. “Open Space, Residential Property Values, and Spatial Context.” Regional Science and Urban Economics 36(6): 773–789.CrossRefGoogle Scholar
Anselin, L., and Le Gallo, J. 2006. “Interpolation of Air Quality Measures in Hedonic House Price Models: Spatial Aspects.” Spatial Economic Analysis 1(1): 31–51.CrossRefGoogle Scholar
Banzhaf, S., Burtraw, D., Evans, D., and Krupnick, A. 2006. “Valuation of Natural Resource Improvements in the Adirondacks.” Land Economics 82(3): 1–43.CrossRefGoogle Scholar
Bastian, C.T., McCleod, D.M., Germino, M.J., Reiners, W.A., and Blasko, B.J. 2002. “Environmental Amenities and Agricultural Land Values: A Hedonic Model Using Geographic Information Systems Data.” Ecological Economics 40(3): 337–349.CrossRefGoogle Scholar
Benson, E.D., Hansen, J.L., and Schwartz, A.L. Jr. 1998. “Pricing Residential Amenities: The Value of a View.” Journal of Real Estate Finance and Economics 16(1): 55–73.CrossRefGoogle Scholar
Bolitzer, B., and Netusil, N.R. 2000. “The Impact of Open Spaces on Property Values in Portland, Oregon.” Journal of Environmental Management 59(3): 185–193.CrossRefGoogle Scholar
Bourassa, S.C., Cantoni, E., and Hoesli, M. 2007. “Spatial Dependence, Housing Submarkets, and House Price Prediction.” Journal of Real Estate Finance and Economics 35(2): 143–160.CrossRefGoogle Scholar
Chamblee, J.F., Colwell, P.F., Dehring, C.A., and Depken, C.A. 2011. “The Effect of Conservation Activity on Surrounding Land Prices.” Land Economics 87(3): 453–472.CrossRefGoogle Scholar
Cho, S.-H., Poudyal, N.C., and Roberts, R.K. 2008. “Spatial Analysis of the Amenity Value of Green Open Space.” Ecological Economics 66(2/3): 403–416.CrossRefGoogle Scholar
Cropper, M.L., Deck, L.B., and McConnell, K.E. 1988. “On the Choice of Functional Form for Hedonic Price Functions.” Review of Economics and Statistics 70(4): 668–675.CrossRefGoogle Scholar
Curran, R.P. 1990. “Biological Resources and Diversity of the Adirondack Park.” In The Adirondack Park in the 21st Century. Albany, NY: State of New York.Google Scholar
Geoghegan, J. 2002. “The Value of Open Spaces in Residential Land Use.” Land Use Policy 19(1): 91–98.CrossRefGoogle Scholar
Glaeser, E.L., Gyourko, J., and Saks, R.E. 2005. “Why Have Housing Prices Gone Up?” The American Economic Review 95(2): 329–333.CrossRefGoogle Scholar
Glennon, M.J. 2002. “Effects of Land Use Management on Biotic Integrity in the Adirondack Park.” Ph.D. thesis, College of Environmental Science and Forestry, State University of New York.Google Scholar
Glennon, M.J., and Porter, W.F. 2005. “Effects of Land Use Management on Biotic Integrity: An Investigation of Bird Communities.” Biological Conservation 126(4): 499–511.CrossRefGoogle Scholar
Glennon, R. 2009. “A Land Not Saved.” In Porter, William F., Erickson, Jon D., and Whaley, Ross S., eds., The Great Experiment in Conservation: Voices from the Adirondack Park. Syracuse, NY: Syracuse University Press.Google Scholar
Greenstone, M., and Gayer, T. 2009. “Quasi-experiments and Experimental Approaches to Environmental Economics.” Journal of Environmental Economics and Management 57(1): 21–44.CrossRefGoogle Scholar
Gujarati, D.N., and Porter, D.C. 2010. Essentials of Econometrics (4th ed.). New York, NY: McGraw-Hill Corporation, Inc. Google Scholar
Heintzelman, M.D. 2010a. “Measuring the Property Value Effects of Land-use and Preservation Referenda.” Land Economics 86(1): 22–47.CrossRefGoogle Scholar
Heintzelman, M.D. 2010b. “The Value of Land Use Patterns and Preservation Policies.” The B.E. Journal of Economic Analysis and Policy (Topics) 10(1): Article 39.Google Scholar
Irwin, E.G. 2002. “The Effect of Open Space on Residential Property Values.” Land Economics 78(4): 465–480.CrossRefGoogle Scholar
Ito, M., Mitchell, M.J., and Driscoll, C.T. 2002. “Spatial Patterns of Precipitation Quantity and Chemistry and Air Temperature in the Adirondack Region of New York.” Atmospheric Environment 36(6): 1051–1062.CrossRefGoogle Scholar
Kuminoff, N.V., Parmeter, C.F., and Pope, J.C. 2010. “Which Hedonic Models Can We Trust to Recover the Marginal Willingness to Pay for Environmental Amenities?” Journal of Environmental Economics and Management 60(3): 145–160.CrossRefGoogle Scholar
Lutzenhiser, M., and Netusil, N.R. 2001. “The Effect of Open Space on a Home's Sale Price.” Contemporary Economic Policy 19(3): 291–298.CrossRefGoogle Scholar
Maser, S.M., Riker, W.H., and Rosett, R.N. 1977. “The Effects of Zoning and Externalities on the Price of Land: An Empirical Analysis of Monroe County, New York. “ Journal of Law and Economics 20(1): 111–132.CrossRefGoogle Scholar
Netusil, N.R. 2005. “The Effect of Environmental Zoning and Amenities on Property Values: Portland, Oregon.” Land Economics 81(2): 227–246.CrossRefGoogle Scholar
Neumann, B.C., Boyle, K.J., and Bell, K.P. 2009. “Property Price Effects of a National Wildlife Refuge: Great Meadows National Wildlife Refuge in Massachusetts.” Land Use Policy 26(4): 1011–1019.CrossRefGoogle Scholar
Phillips, S.R. 2004. “Windfalls for Wilderness: Land Protection and Land Value in the Green Mountains.” Ph.D. thesis, Virginia Polytechnic Institute and State University.Google Scholar
Sengupta, S., and Osgood, D.E. 2003. “The Value of Remoteness: A Hedonic Estimation of Ranchette Prices.” Ecological Economics 44(1): 91–103.CrossRefGoogle Scholar
Spalatro, F., and Provencher, B. 2001. “An Analysis of Minimum Frontage Zoning to Preserve Lakefront Amenities.” Land Economics 77(4): 469–481.CrossRefGoogle Scholar
State of New York Adirondack Park Agency and New York State Department of Environmental Conservation. 1973. Adirondack Park State Land Master Plan. Ray Brook, NY.Google Scholar
Tuttle, C.M., and Heintzelman, M.D. 2013. “A Loon on Every Lake: A Hedonic Analysis of Lake Water Quality in the Adirondacks.” Working Paper, Institute for a Sustainable Environment, Clarkson University, Potsdam, NY.CrossRefGoogle Scholar
Vrooman, D.H. 1978. “An Empirical Analysis of Determinants of Land Values in the Adirondack Park.” The American Journal of Economics and Sociology 37(2): 165–177.CrossRefGoogle Scholar
White, E.M., and Leefers, L.A. 2007. “Influence of Natural Amenities on Residential Property Values in a Rural Setting.” Society and Natural Resources 20(7): 659–667.CrossRefGoogle Scholar
Woods, A.M. 2008. “Quantifying the Relationship between Anthropogenic Disturbance and Biotic Integrity in the Adirondack Park.” M.S. thesis, College of Environmental Science and Forestry, State University of New York, Syracuse.Google Scholar
Wooldridge, J.M. 2002. Econometric Analysis of Cross-section and Panel Data. Boston, MA: The MIT Press.Google Scholar