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• W4375953167 abstract "Ecosystems and their associated services have become essential in policymaking as they often have implications for the welfare of those who live nearby. Coupled with the shift toward integrating green infrastructure, ecosystem services, and nature-based solutions in urban and environmental planning, ecosystems may capitalise on property prices. But a potential phenomenon in applications of hedonic prices models is the offsetting between amenities and disamenities values, which may result in insignificant marginal effects. Some strategies to mitigate this phenomenon involve introducing a greater categorisation of open spaces and housing submarkets typology. Hence, this paper explores the capitalisation patterns of 14 terrestrial and aquatic ecosystems across the housing market segments of Auckland, New Zealand's largest city. We used a dataset of 274 thousand sales transactions between January 2011 and December 2019. Models are estimated via OLS and unconditional quantile regressions (UQR) to account for heterogeneity, outliers and heavy-tailed distributions. UQR produce more accurate estimates of the implicit prices and lead to more effective policy recommendations. We find multiple capitalisation patterns across the prices distribution and confirm offsetting effects when ecosystems are not controlled as separate variables. This paper informs land-use decisions involving the preservation or creation of natural spaces in residential areas and improves our understanding of the interaction between their economic valuation and regional diversity." @default.
• W4375953167 created "2023-05-10" @default.
• W4375953167 creator A5076477802 @default.
• W4375953167 date "2023-09-01" @default.
• W4375953167 modified "2023-09-27" @default.
• W4375953167 title "Capitalisation of multiple ecosystems on property prices in Auckland, New Zealand" @default.
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• W4375953167 doi "https://doi.org/10.1016/j.jenvman.2023.118064" @default.
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