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REVIEW PAPER
How Much Are Public Spaces Worth? Non-Market Valuation Methods in Valuing Public Spaces
1
Department of Regional Economics and Environment, University of Lodz, Poland
Submission date: 2022-09-06
Final revision date: 2023-03-05
Acceptance date: 2023-04-06
Publication date: 2023-06-30
Corresponding author
GNPJE 2023;314(2):66-89
KEYWORDS
public spacespublic goodsnon-market (alternative) valuation methodsnon-market goodsvalue of public spaces
JEL CLASSIFICATION CODES
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.
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