<p>Several studies used the hedonic property price method to estimate the implicit value of wetlands to nearby property owners. Such works show mixed evidence of increasing or decreasing property value with wetland proximity. We conduct a meta-analysis of hedonic property value studies that have estimated the relationship between wetland proximity and residential property value. We examine 22 wetland hedonics studies resulting in a dataset of 77 observations. Additionally, we utilize modern modeling techniques including small sample correction and machine learning techniques, largely ignored among meta-regression analyses. The results show that while ignoring small sample correction the effect size of wetland proximity on housing price is small but significant; however, the effect has no significant effect on housing prices with small sample correction, nor any differences across wetland types. The findings may be useful to policymakers for wetland management, such as restoration and land development decisions, suggesting that accounting for spatial property value effects to more distant homes to wetlands is not an essential consideration.</p>

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Wetland proximity: a meta-analysis of hedonic property values

  • Sapana Bastola,
  • Jerrod Penn,
  • Juyoung Yoo

摘要

Several studies used the hedonic property price method to estimate the implicit value of wetlands to nearby property owners. Such works show mixed evidence of increasing or decreasing property value with wetland proximity. We conduct a meta-analysis of hedonic property value studies that have estimated the relationship between wetland proximity and residential property value. We examine 22 wetland hedonics studies resulting in a dataset of 77 observations. Additionally, we utilize modern modeling techniques including small sample correction and machine learning techniques, largely ignored among meta-regression analyses. The results show that while ignoring small sample correction the effect size of wetland proximity on housing price is small but significant; however, the effect has no significant effect on housing prices with small sample correction, nor any differences across wetland types. The findings may be useful to policymakers for wetland management, such as restoration and land development decisions, suggesting that accounting for spatial property value effects to more distant homes to wetlands is not an essential consideration.