The Private Amenity Value of Forest Owners

Open online seminar with Marie Lautrup, Department of Food and Resource Economics, University of Copenhagen.

Forests provide a range of amenity values besides the production value of timber, but little attention is given to who has them. Often the values has been studies from an externality point of view and not considering the private amenity values of the key decision makers, namely the forest owners. We know from studies that forest characteristics matter for the public’s recreational values but it is less demonstrated how the joy of being a forest owner is associated with these characteristics. In this paper, we study the private amenity values and the impact of different forest characteristics on the property price. We estimate the amenity based on a hedonic pricing models for land sales data for more than 7600 properties, a discounted cash flow model and forest accounting data. With this study, we but provide an input to the valuation of forest amenities complementary to stated preference and travel cost studies. The results can help determining optimal subsidy schemes it order to reach a set afforestation target, as the results indicate that cost-based subsidies may overcompensate landowners.

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