Variation in Valuation: Open Space and Geography
研究了美国东部215个城市对开放空间的估值差异，发现估值主要受本地因素影响，但地理特征（如陡坡、水域）可作为工具变量解释估值符号相反的现象。
We estimate hedonic valuation models of local open space separately for 215 cities in the Eastern US, and derive city-specific marginal willingness to pay (MWTP). We then examine variation in MWTP and city-level determinants. Valuation is largely local – relatively large changes in income or existing conservation lead to modest changes in MWTP – suggesting validity of benefit transfer across regions. However, geographic features that naturally limit development do correlate with MWTP. As a result, we examine geographic features as instrumental variables, and find that on average steep slope and water/wetlands yield valuation coefficients of opposite sign, consistent with a LATE interpretation.