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- Info
Economic valuation of urban open-space resources
| Author: |
More, Thomas A.; Stevens, Thomas H.; Allen, P. Geoffrey |
| Date: |
1983 |
| Periodical: |
In: Proceedings of the Society of American Foresters; 1982; Whashington, DC. |
| Abstract: |
Evaluating the benefits of urban open space in dollars always has been difficult. We conducted a benefit/cost analysis of four urban parks in Worcester, Massachusetts. External benefits--those produced by a park on its surroundings--were valued by explaining the effects of the parks on surrounding property values. The value of the on-site recreation benefits was computed at $2.80 per visit--the current rate used by federal agencies for recreation planning. The results showed that these 219 acres of urban open space produce an estimated $560,320 of benefits annually for the citizens of Worcester. This exceeds the annual operating cost by a ratio of 4.48 to 1. Further research is needed to determine precisely how different park attributes affect the value of both external and on-site benefits. We should then be able to make recommendations to cities about ways to optimize the value of their open-space resources. |
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