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Cool cities: The value of urban trees

Author

Listed:
  • Lu Han
  • Stephan Heblich
  • Christopher Timmins
  • Yanos Zylberberg
Abstract
This paper estimates the value of urban trees and shows their ability to moderate temperatures during heatwaves and reduce energy consumption. The empirical strategy exploits an ecological catastrophe—the Emerald Ash Borer infestation in Toronto—to isolate exogenous variation in neighborhood tree canopy changes and finds that a single tree adds 0.45% to property prices within a postal code; the hardest-hit areas lost 7 percentage points in tree canopy cover, resulting in a 7% property price decline. Trees significantly cool urban areas and save energy, but their total amenity value surpasses the value of these ecosystem services, highlighting their cost-effectiveness in combating urban heat island effects.

Suggested Citation

  • Lu Han & Stephan Heblich & Christopher Timmins & Yanos Zylberberg, 2024. "Cool cities: The value of urban trees," NBER Working Papers 32063, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32063
    Note: EEE
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    Cited by:

    1. Wencelito Palis Hintural & Hee-Gyu Woo & Hyeongwon Choi & Hyo-Lim Lee & HaSu Lim & Woo Bin Youn & Byung Bae Park, 2024. "Ecosystem Services Synergies and Trade-Offs from Tree Structural Perspectives: Implications for Effective Urban Green Space Management and Strategic Land Use Planning," Sustainability, MDPI, vol. 16(17), pages 1-21, September.
    2. Nathaniel Harris & Chuanhao Lin, 2024. "Planning Regulations: Two Tests to Determine if We Have Confused the Cure With the Disease," Working Papers 2024-02, The George Washington University, Institute for International Economic Policy.

    More about this item

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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