Economic Valuation of Natural Resource Amenities: A Hedonic Analysis of Hillsdale and Oakland County

December 3, 2007
by Soji Adelaja, Yohannes Hailu, Rachel Kuntzsch, Mary Beth Lake, Max Fulkerson, Charles McKeown, Laila Racevskis and Nigel Griswold

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The Land Policy Institute, in partnership with the Heart of the Lakes Center for Land Conservation Policy, released the Economic Valuation of Natural Resource Amenities report at the 2007 Heart of the Lakes Summit. This report is part of the “Economic Impact and Valuation Studies in Natural Resources and Conservation” series.

This study focuses on valuation of “green infrastructure” in Michigan. Green infrastructure provides numerous services to the public, including quality-of-life benefits, increasing the attractiveness of locations for growth, and influencing the value of properties and hence local tax collections. To understand the value of green infrastructure in Michigan, two case study counties were selected—Hillsdale and Oakland counties. In Hillsdale County, the value of water amenities are considered; and in Oakland County, the amenity values of waterways, water-bodies, recreational lands, and walkable and bikeable green infrastructure, such as trails, side walks, bike lanes, and park paths were considered.