Intra-Regional Amenities, Wages, and Home Prices: The Role of Forests in the Southwest
研究了亚利桑那和新墨西哥两州森林面积对房价和工资的补偿性差异，发现森林面积每年每平方英里隐含价格在27到36美元之间，提醒区域特征估值需谨慎使用旅行成本法。
Forests provide non-market goods and services that people are implicitly willing to pay for through hedonic housing and labor markets. But it is unclear if compensating differentials arise in these markets at the regional level. This empirical question is addressed in a study of Arizona and New Mexico. Hedonic regressions of housing prices and wages using census and geographic data show that forest area carries an implicit price of between $27 and $36 per square mile annually. Compensating differentials at the regional level suggest that care must be taken when applying the travel cost method to value regionally delineated characteristics. <i></i>