ABSTRACT
As green spaces in urban areas face increasing pressure for development, sustaining the public good benefit of these resources will depend on land managers’ abilities to prove that the welfare associated with open space policies outweighs the cost of acquisition and preservation. This chapter introduces and discusses basic premises and practices of the hedonic method of housing price and reviews some of the recent economic studies applying this method in open space valuation. It also introduces readers to some of the issues and recent advancement in the hedonic method, which has been the model of open space valuation thus far. The chapter concludes with key points summarizing the state of the art of open space valuation research and offering some directions for future research.
