Benefits From Urban Open Space and Recreational Parks: A Case Study
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The hedonic pricing technique was used to
measure that component of house price attributable
to proximity to a city park, using data on
sale prices and characteristics of houses in Worcester,
MA. Aggregation of these residual values
over all houses in the neighborhood of a park
provided an estimate of the value of the park, to
which was added an estimate of recreation benefits
from extrazonal users. '!he policy question
of park system development or contraction was addressed
by comparing these benefits with operating
costs to gain a net measure of parkland
value.