What Is a Tree Worth? Green‐City Strategies, Signaling and Housing Prices
研究了费城1998至2003年间路边植树与房价的关系，发现费尔蒙特公园委员会植树点周边房价高出7%至11%，其中约2%来自树木本身价值，其余可能源于社会资本或信号效应。
We investigate the correlation between curbside tree plantings and housing price movements in Philadelphia from 1998 to 2003, comparing two programs, one by the Philadelphia Horticultural Society (PHS) that requires block‐group effort that focuses on low‐income neighborhoods and the other by the Fairmount Park Commission that is individual‐based without specific target areas. A 7 to 11% price differential is identified within 4,000 feet of the Fairmount tree plantings. We argue that this is largely driven by either social capital creation or a signaling mechanism, on top of an intrinsic tree value (around 2%). Findings using the PHS tree program suggest that development of social capital or environmentally conscious behavior might be a less important channel. Any positive changes brought by the PHS tree plantings were not detected with sufficient statistical power.