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Article: Formulaic expert method to integrate evaluation and valuation of heritage trees in compact city

TitleFormulaic expert method to integrate evaluation and valuation of heritage trees in compact city
Authors
Issue Date2006
PublisherSpringer Verlag Dordrecht. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0167-6369
Citation
Environmental Monitoring And Assessment, 2006, v. 116 n. 1-3, p. 53-80 How to Cite?
AbstractUrban trees serve important environmental, social and economic functions, but similar to other natural endowments they are not customarily depicted in monetary terms. The needs to augment protection, funding and community support for urban greening call for proper valuation. Heritage trees (HTs), the cream of urban-tree stock, deserve special attention. Existing assessment methods do not give justice to outstanding trees in compact cities deficient in high-caliber greenery, and to their social-cultural-historical importance. They artificially separate evaluation from valuation, which should be a natural progression from the former. Review of tree valuation methods suggested the formula approach to be more suitable than contingent valuation and hedonic pricing, and provided hints on their strengths and weaknesses. This study develops an alternative formulaic expert method (FEM) that integrates evaluation and valuation, maximizes objectivity, broadly encompasses the key tree, tree-environment and tree-human traits, and accords realistic monetary value to HTs. Six primary criteria (dimension, species, tree, condition, location, and outstanding consideration) branched into 45 secondary criteria, each allocated numerical marks. Each primary criterion was standardized to carry equal weight, and a tree's maximum aggregate score is capped at 100. A Monetary Assignment Factor (MAF) to consign dollar value to each score unit was derived from three-year average per m2 sale price of medium-sized residential flats. The applicability of FEM was tested on selected HTs in compact Hong Kong. The aggregate score of a tree multiplied by MAF yielded monetary value, which was on average 66 times higher than the result from the commonly-adopted Council of Tree and Landscape Appraisers method. The computed tree values could be publicized together with multiple tree benefits to raise understanding and awareness and rally support to protect HTs. The property-linked FEM could be flexibly applied to other cities, especially to assess HTs in compact developing cities. © Springer Science + Business Media, Inc. 2006.
Persistent Identifierhttp://hdl.handle.net/10722/86380
ISSN
2015 Impact Factor: 1.633
2015 SCImago Journal Rankings: 0.634
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorJim, CYen_HK
dc.date.accessioned2010-09-06T09:16:07Z-
dc.date.available2010-09-06T09:16:07Z-
dc.date.issued2006en_HK
dc.identifier.citationEnvironmental Monitoring And Assessment, 2006, v. 116 n. 1-3, p. 53-80en_HK
dc.identifier.issn0167-6369en_HK
dc.identifier.urihttp://hdl.handle.net/10722/86380-
dc.description.abstractUrban trees serve important environmental, social and economic functions, but similar to other natural endowments they are not customarily depicted in monetary terms. The needs to augment protection, funding and community support for urban greening call for proper valuation. Heritage trees (HTs), the cream of urban-tree stock, deserve special attention. Existing assessment methods do not give justice to outstanding trees in compact cities deficient in high-caliber greenery, and to their social-cultural-historical importance. They artificially separate evaluation from valuation, which should be a natural progression from the former. Review of tree valuation methods suggested the formula approach to be more suitable than contingent valuation and hedonic pricing, and provided hints on their strengths and weaknesses. This study develops an alternative formulaic expert method (FEM) that integrates evaluation and valuation, maximizes objectivity, broadly encompasses the key tree, tree-environment and tree-human traits, and accords realistic monetary value to HTs. Six primary criteria (dimension, species, tree, condition, location, and outstanding consideration) branched into 45 secondary criteria, each allocated numerical marks. Each primary criterion was standardized to carry equal weight, and a tree's maximum aggregate score is capped at 100. A Monetary Assignment Factor (MAF) to consign dollar value to each score unit was derived from three-year average per m2 sale price of medium-sized residential flats. The applicability of FEM was tested on selected HTs in compact Hong Kong. The aggregate score of a tree multiplied by MAF yielded monetary value, which was on average 66 times higher than the result from the commonly-adopted Council of Tree and Landscape Appraisers method. The computed tree values could be publicized together with multiple tree benefits to raise understanding and awareness and rally support to protect HTs. The property-linked FEM could be flexibly applied to other cities, especially to assess HTs in compact developing cities. © Springer Science + Business Media, Inc. 2006.en_HK
dc.languageengen_HK
dc.publisherSpringer Verlag Dordrecht. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0167-6369en_HK
dc.relation.ispartofEnvironmental Monitoring and Assessmenten_HK
dc.subject.meshCities - economicsen_HK
dc.subject.meshCost-Benefit Analysisen_HK
dc.subject.meshEcosystemen_HK
dc.subject.meshHong Kongen_HK
dc.subject.meshModels, Economicen_HK
dc.subject.meshSpecies Specificityen_HK
dc.subject.meshTreesen_HK
dc.titleFormulaic expert method to integrate evaluation and valuation of heritage trees in compact cityen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0167-6369&volume=116&spage=53&epage=80&date=2006&atitle=Formulaic+Expert+Method+to+Integrate+Evaluation+and+Valuation+of+Heritage+Trees+in+Compact+Cityen_HK
dc.identifier.emailJim, CY:hragjcy@hkucc.hku.hken_HK
dc.identifier.authorityJim, CY=rp00549en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1007/s10661-006-7245-xen_HK
dc.identifier.pmid16779581en_HK
dc.identifier.scopuseid_2-s2.0-33745135137en_HK
dc.identifier.hkuros120076en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-33745135137&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume116en_HK
dc.identifier.issue1-3en_HK
dc.identifier.spage53en_HK
dc.identifier.epage80en_HK
dc.identifier.isiWOS:000238324100004-
dc.publisher.placeNetherlandsen_HK
dc.identifier.scopusauthoridJim, CY=7006143750en_HK
dc.identifier.citeulike715922-

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