Income value of private amenities assessed in California oak woodlands

Landowners in California were surveyed using a contingent valuation technique to assess its usefulness in estimating the monetary income value of private amenities from their oak woodland properties. Private amenities - such as recreation, scenic beauty and a rural lifestyle - are considered an important influence on rangeland owners, but few studies have attempted to place a monetary income value on them. Landowners were asked to estimate the maximum amount of earnings that they were willing to forgo before selling their property to invest in more commercially profitable, nonagrarian assets, and the proportion of the land price that they thought was explained by private amenities from their land. On average, landowners were willing to pay $54 per acre annually for private amenities, and they attributed 57% of the land price to them. Regression analysis revealed that the landowners' willingness to pay per acre decreased as property size increased. This approach sheds light on how landowners value the benefits of land owner-ship and offers insights for outreach and policy development for privately owned oak woodlands.