The Value of The View

Often times, the worth of land has been measured in how much of a valuable commodity it can produce. For example, if land is along a major street it is often valued for its commercial value, while if the surface of a property is located over a deposit of oil, its value is often measured by how much oil can be extracted from the deposit.

 

Imagine that the federal government is contemplating the creation of a mine over a large metal deposit that was recently discovered below the middle of a beautiful national park. If you were given the opportunity to present to the government an analysis of the value of the land for its recreational and aesthetic use, what factors would you consider? In your analysis, consider how each factor relates to a specific economic value rather than just the enjoyment a visitor receives by coming to the park.