Valuation of urban parks

Abstract

One reason why urban parks and open spaces are subject to development pressure is that planners and researchers have been unable to articulate their value in economic terms. Three valuation techniques — each with its own strengths and weaknesses — have been applied to urban parks. This paper reviews the three techniques and presents study results from the hedonic valuation technique. Study results indicate landscape planners need to be aware of the strengths and shortcomings of each to properly evaluate research on this topic.