Capitalization Of Environmental Benefits Into Property Values

A new framework for understanding the underpinnings of real estate property value and the role it plays in the larger economy Value in a Changing Built Environment examines the professional foundations on which the valuation exercise and the valuation profession rest. Written by noted experts in the field, the book addresses the often limited understanding of the concept of property value by explaining the intrinsic linkages between economic, environmental, social, and cultural measures and components of property value. The book offers a framework that paves the way towards a more holistic approach to property value. Value in a Changing Built Environment unwraps many of the traditional assumptions that have underpinned market participants’ decision making over the last few decades. The authors explore the concept that a blindfold application of valuation theories and approaches adopted from finance is unlikely to be able to cope with the nature of property as an economic and public good. This vital resource: Explains the criteria for making estimates of value that can be applied worldwide Offers an integrated approach to property value and the valuation processes Captures the often illusive intangibles such as environmental performance into valuation Addresses a market failure to account for wider criteria on building performance Value in a Changing Built Environment examines how real estate valuation plays a pivotal role in decision making and how can a new body of knowledge improve the practice in both business and social domains.

The need for cooperation among government agencies as well as an interdisciplinary approach to the increasingly challenging and complicated problem of managing park and wilderness areas prompted the University of Washington College of Forest Resources, the National Park Service, and the Forest Service to sponsor an ecosystem management workshop for scientists, planners, and managers. To develop an improved conceptual approach to managing change in ecosystems crossing natural and political boundaries, the workshop focused on defining terms, uncovering areas of misunderstanding and barriers to cooperation, and developing methods to determine the most important problems and issues. Three needs emerged from the prioritization process: a precise definition of the management objectives for park and wilderness lands and how to integrate them with objectives for surrounding lands, nationally as well as site-specific; more information about physical, biological, and social components of park and wilderness ecosystems from both sides of political boundaries; and key indicators of ecosystem condition as well as methods for evaluating management effectiveness. All of these common themes point to a need for more precise direction in management goal setting and more accurate assessment of progress toward goals. The book includes an introductory chapter by the editors and summary in which they outline a direction for ecosystem management in the next critical decades. The other chapters by individual contributors include studies on laws governing park and wilderness lands, paleoecological records that reveal the historic effects of climatic variations on vegetation change, succession and natural disturbance in relation to the problems of what can and should be preserved, managing ecosystems for large populations of vertebrates, the management of large carnivores, effects of air pollution, lake acidification, human ecology and environmental management, the role of economics, cooperation in ecosystem management, and management challenges in Yellowstone National Park.