The Effect of Environmental Amenities on House Values: The Example of a View Lot

For good land management, policy makers need information on the value people attach to environmental amentities. It is demonstrated here that the economic evaluation of such an intangible residental environmental amenity as a view is both possible and useful. Estimation of the implicit price of a view is made through a hedonic-price regression model based on data from a sample of single-family residences in the Los Angeles metroplitan area.