How Much Are Public Spaces Worth? Non-Market Valuation Methods in Valuing Public Spaces

Abstract

Public spaces bring a variety of social and economic benefits to cities and their residents and guests. This article presents an overview of non-market valuation methods used to estimate the economic value of public spaces, distinguishing between direct (stated preference) methods and indirect (revealed preference) methods. Several important applications of these methods are also reviewed. In addition, the article highlights the usefulness of individual non-market valuation methods for estimating the market value of a broader set of non-market goods.

Keywords

• public spaces
• public goods
• non-market (alternative) valuation methods
• non-market goods
• value of public spaces