Public purchases and private preferences: Challenges for analyzing public open space acquisitions |
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| Authors: | Erik E. Nordman John Wagner |
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| Affiliation: | 1. Natural Resources Management, Biology Department, Grand Valley State University, Allendale, MI, USA;2. Forest Resource Economics, Department of Forest and Natural Resources Management, State University of New York College of Environmental Science and Forestry, Syracuse, NY, USA;1. Department of Geography and Economic History, Umeå University, Sweden;2. Department of Psychology, Umeå University, Sweden;1. Department of Pediatrics, Children''s Hospital of Philadelphia and the University of Pennsylvania School of Medicine, Philadelphia, Pa;2. Department of General Pediatrics, Children''s Hospital of Philadelphia, Philadelphia, Pa;3. Department of Pediatrics, James M. Anderson Center for Health Systems Excellence, University of Cincinnati College of Medicine, and Department of Psychology, University of Cincinnati College of Arts and Sciences, Cincinnati, Ohio;4. James M. Anderson Center for Health Systems Excellence, Cincinnati Children''s Hospital Medical Center, Cincinnati, Ohio;5. Medical Social Sciences and Pediatrics, Northwestern University, Chicago, Ill;6. Center for Healthcare Studies, Northwestern Feinberg School of Medicine, Northwestern University, Chicago, Ill;7. Graduate Programs in Healthcare Quality and Patient Safety and the Northwestern Program for Quality and Safety Innovation, Center for Healthcare Studies, Feinberg School of Medicine, Northwestern University, Chicago, Ill;1. European Centre for Social Welfare Policy and Research, Berggasse, 17, A-1090 Vienna, Austria;2. London School of Economics and Political Science, London, UK;3. European Centre for Social Welfare Policy and Research, Vienna, Austria;1. Department of Earth, Atmospheric and Planetary Sciences, Purdue University, West Lafayette, IN 47907, USA;2. Department of Chemistry, Purdue University, West Lafayette, IN 47907, USA;3. Department of Physics and Astronomy, Purdue University, West Lafayette, IN 47907, USA;1. National Institute of Forest Science, Seoul 130-712, Republic of Korea;2. Seoul National University, Seoul 151-921, Republic of Korea;3. Department of Architecture, Bucheon University, Geongki-do 420-735, Republic of Korea;1. Pharmaceutics Research Laboratory, Dept. of Pharmaceutical Sciences, Dr. H. S. Gour University, Sagar (MP) 470 003, India;2. Department of Research, JawaharLal Nehru Cancer Hospital and Research Centre, Idgah Hills, Bhopal (MP), India |
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| Abstract: | The traditional hedonic model uses market purchases to estimate implicit prices. Hedonic models composed of only public land purchases violate key assumptions of hedonic model theory. The resulting implicit prices cannot be interpreted as the purchasing agency's maximum willingness to pay. The problems are illustrated using a hedonic model of public land purchases in the Town of Brookhaven, on Long Island, New York, USA. The model reveals negative elasticities for attributes for which the agency has stated positive preferences. For example, the presence of unique glacial landforms (a positive attribute) was associated with a 97% increase in property cost. However, if purchasing the open space property prevented development that is incompatible with existing land uses (also a positive attribute), the property cost decreased by 69%. The results confirm that elasticities and implicit prices derived from open space “public hedonic models” should be interpreted in the context of the broader market for land, not as the agency's willingness to pay. The work has implications for open space preservation policies in urbanizing regions. |
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