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Spring 2012

ISSN 0890-913X

Volume 27, Number 2

Categories: Economics | Spring 2012

The Private Provision of Public Goods: An Analysis of Homes on Golf Courses

Frank F. Limehouse, DePaul University

Robert E. McCormick, Clemson University

Melissa M. Yeoh, Berry College

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TheJournalofPrivateEnterprise27(2),2012,103–120ThePrivateProvisionofPublicGoods:AnAnalysisofHomesonGolfCoursesFrankF.Limehouse*DePaulUniversityRobertE.McCormickClemsonUniversityMelissaM.YeohBerryCollegeAbstractThispaperexaminesthejointproductionofgolfandrealestatedevelopment.Theempiricalresultsofthisanalysisshowthat,overtime,golfcoursesarebeingconstructedlessforrecreationalgolfandmoreforcontractualassuranceofgreenopenspaceforhomes.Webelievethatthisfundamentallyprovidessomeevidencethatthedemandforenvironmentalqualityisgrowingandthatmarketsareincreasinglyabletofindcreativecontractingmechanismstosatisfydemandsforpublicgoods.JELCodes:H49,Q56,R31Keywords:Golf;Realestate;EnvironmentalqualityI.IntroductionAspeopleandeconomiesgrowricher,theydemandenhancedenvironmentalquality.AtleastthatseemstobeoneofthenoncontroversialconclusionsthatcanbereachedfromeconomicanalysisofenvironmentalKuznetscurves(Yandleetal.,2004).Greenspaceinitiativesareincreasinglycommononthepoliticallandscape,andtheissueisfullofeconomics,politics,emotion,andopinion.Therefore,westartfromthepositionthatthereissomefledglingdemandforpeopletosequesterorotherwisepreventthedevelopmentofcertainareas,particularlythosenearhousing.Theseareasarebeing*Thisresearchwasfunded,inpart,bygrantsfromthePropertyandEnvironmentResearchCenter(PERC)whileLimehouseandMcCormickwerebothinresidencethereasResearchFellowandSeniorAssociate.WethankMikeMaloney,DanBenjamin,WallyThurman,PERCseminarparticipants,EdStringham,andtwoanonymousrefereesforhelpfulcomments.Theusualcaveatapplies.103

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Title	The Private Provision of Public Goods: An Analysis of Homes on Golf Courses
Authors/Creators:	Frank F. Limehouse, DePaul University Robert E. McCormick, Clemson University Melissa M. Yeoh, Berry College
Year:	2012
Volume:	27
Number:	2
Pages:	103 - 120
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Golf, Real estate, Environmental quality, contracts, green spaces, housing

Citation:
Limehouse, Frank F.; McCormick, Robert E.; Yeoh, Melissa M. / 2012. "The Private Provision of Public Goods: An Analysis of Homes on Golf Courses." The Journal of Private Enterprise, 27(2): 103-120.