Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially Weighted Hedonic Models
AbstractThis study estimates the influence of proximity to water bodies and park amenities on residential housing values in Knox County, Tennessee, using the hedonic price approach. Values for proximity to water bodies and parks are first estimated globally with a standard ordinary least squares (OLS) model. A locally weighted regression model is then employed to investigate spatial nonstationarity and generate local estimates for individual sources of each amenity. The local model reveals some important local differences in the effects of proximity to water bodies and parks on housing price.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.
Volume (Year): 31 (2006)
Issue (Month): 03 (December)
hedonic model; locally weighted regression; park; spatial; water bodies; Resource /Energy Economics and Policy;
Other versions of this item:
- Cho, Seong-Hoon & Bowker, James Michael & Park, William M., 2006. "Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially-weighted Hedonic Models," 2006 Annual meeting, July 23-26, Long Beach, CA 21242, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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