The value of restoring urban drains to living streams
| Autor: | James Fogarty, Fan Zhang, Ram Pandit, Maksym Polyakov, David J. Pannell |
|---|---|
| Rok vydání: | 2017 |
| Předmět: |
Economics and Econometrics
media_common.quotation_subject Geography Planning and Development Wetland STREAMS 010501 environmental sciences 01 natural sciences 0502 economics and business Function (engineering) Environmental planning 0105 earth and related environmental sciences Water Science and Technology media_common geography.geographical_feature_category business.industry Corporate governance 05 social sciences Environmental resource management Vegetation Stream restoration Water Sensitive Urban Design Economic valuation Hedonic Pricing Method Governance Environmental Economics and Policy Land Economics/Use Q51 Q58 R22 Geography Work (electrical) 050202 agricultural economics & policy business Stream restoration Water-sensitive urban design |
| Zdroj: | Water Resources and Economics. 17:42-55 |
| ISSN: | 2212-4284 |
| DOI: | 10.1016/j.wre.2016.03.002 |
| Popis: | Many urban streams have been cleared of native vegetation and converted to open drains resulting in a loss of ecological and aesthetic function. There is a growing recognition of the importance of these functions and work is being done to restore urban drains and create fully functioning wetland ecosystems (“living streams”). Such restoration work involves substantial cost, and it is important to know if the benefits generated from “living streams” are greater than restoration costs. This paper presents a detailed economic analysis of an urban drain restoration project in Perth, Western Australia. Controlling for other factors, we find homes within 200 m of the restoration site increased in value by 4.7% once the restored area became fully established. When we compare benefits to cost we find that, with real discount rates of 5%, 7%, and 9%, project benefit−cost ratios are 3.0, 2.8 and 2.6, respectively. We then show that current institutional arrangements in Western Australia make it difficult to implement urban drain restoration projects, even when project benefits are greater than project costs. The paper concludes by identifying changes to institutional and governance arrangements that would make it easier for restoration projects to proceed. |
| Databáze: | OpenAIRE |
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