The Case of the Lagoon of Venice
- The Fondazione Eni Enrico Mattei series on Economics, the Environment and Sustainable Development
Edited by Anna Alberini, Paolo Rosato and Margherita Turvani
Chapter 5: Evaluation of Urban Improvement on the Islands of the Venice Lagoon: A Spatially-Distributed Hedonic–Hierarchical Approach
Paolo Rosato, Carlo Giupponi, Margaretha Breil and Anita Fassio 5.1 INTRODUCTION The economic evaluation of the environmental and urban improvement is a topical subject and has seen an impressive number of methodological and operational contributions in the last decades. In this chapter, we use methods that estimate the monetary value of the utility produced by public interventions using changes in the market value of private goods, especially residential properties. Dwellings are complex goods whose value depends on many factors, including the quality of the environment and services in the area. Immobility renders the value of housing extremely sensitive to externalities (Curto, 1993; Rosato and Stellin, 2000), so by analysing the factors that influence value it is possible to identify and quantify the social appreciation for the protection of public goods and services (Garrod and Willis, 1992; Scarpa, 1995; Chattopadhyay, 1999). Changes in property values – surveyed or estimated by a simulation of the property market – thus become an indicator for estimating the value of an urban improvement. The model developed in this chapter is the result of a collaboration between scientists in different disciplines and integrating two different approaches: a simplified procedure developed for the economic valuation of environmental improvement (Rosato et al., 2002) and an ecological evaluation model in a Geographical Information System (GIS) environment developed to analyse the relations between land use and biodiversity (Giupponi and Coletto, 2003). These are, clearly, very different contexts, which however present good synergies, the former in providing tools for economic analysis and valuation,...
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