The Effects of Open Space on Residential Property Values
使用马里兰州中部住宅销售数据，通过特征价格模型和工具变量法，检验不同开放空间属性的边际价值，发现永久保留的开放空间比可开发的农地和林地有更高溢价。
<i>The marginal values of different open space attributes are tested using a hedonic pricing model with residential sales data from central Maryland. The identification problems that arise due to endogenous land use spillovers and unobserved spatial correlation are addressed using instrumental variables estimation with a randomly drawn subset of the data that omits nearest neighbors. Results show a premium associated with permanently preserved open space relative to developable agricultural and forested lands and support the hypothesis that open space is most valued for providing an absence of development, rather than for providing a particular bundle of open space amenities.</i>