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On the Price of Land and the Value of Amenities

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Author Info
Cheshire, Paul
Sheppard, Stephen

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Abstract

A house represents not only a bundle of structural characteristics but also a set of location specific characteristics. Adding locational coordinates and site area to other house characteristics makes it possible to estimate a land rent surface as well as the hedonic prices attached to local patterns of land use and other neighborhood characteristics. One can then estimate how the value of such location-specific characteristics are capitalized into land prices. This analysis, illustrated with estimates based on data from two British towns, has a number of wider implications. It generates a more parsimonious method of estimating amenity values. It also reveals likely systematic biases produced by conventional hedonic studies which exclude land and location. Finally, it clarifies the conceptual definition of land and suggests that monocentric models can person,n well despite recent criticism. Copyright 1995 by The London School of Economics and Political Science.

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Publisher Info
Article provided by London School of Economics and Political Science in its journal Economica.

Volume (Year): 62 (1995)
Issue (Month): 246 (May)
Pages: 247-67
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Handle: RePEc:bla:econom:v:62:y:1995:i:246:p:247-67

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  2. Steve Gibbons, 2001. "Paying for good neighbours? Neighbourhood deprivation and the communiy benefits of education," CEE Discussion Papers 0017, Centre for the Economics of Education, LSE. [Downloadable!]
  3. Steve Gibbons & Stephen Machin, 2001. "Valuing Primary Schools," CEE Discussion Papers 0015, Centre for the Economics of Education, LSE. [Downloadable!]
  4. Nicolas Gravel & Alessandra Michelangeli & Alain Trannoy, 2006. "Measuring the social value of local public goods: an empirical analysis within Paris metropolitan area," Applied Economics, Taylor and Francis Journals, vol. 38(16), pages 1945-1961, September. [Downloadable!] (restricted)
  5. Paul Cheshire & Stephen Sheppard, 2005. "Introducing Price Signals into Land Use Planning Decision-making - a Proposal," ERSA conference papers ersa05p42, European Regional Science Association. [Downloadable!]
  6. Paul Cheshire & Stephen Sheppard, 2004. "The Introduction of Price Signals into Land Use Planning," Urban/Regional 0410002, EconWPA. [Downloadable!]
  7. Jörgen Johansson & Krister Sandberg, 2001. "Hedonic Prices for Co-operative Flats in the City of Umeå estimated with Spatial Autoregressive GMM," ERSA conference papers ersa01p111, European Regional Science Association. [Downloadable!]
  8. Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research. [Downloadable!]
  9. Sandberg, Krister, 2002. "On Space-Time Changes of Hedonic Prices for Single Family Houses," ERSA conference papers ersa02p196, European Regional Science Association. [Downloadable!]
  10. Fabian Waltert & Felix Schlaepfer, 2007. "The role of landscape amenities in regional development: a survey of migration, regional economic and hedonic pricing studies," Working Papers 0710, University of Zurich, Socioeconomic Institute. [Downloadable!]
  11. Scott Templeton & Seung Yoo & David Zilberman, 1999. "An Economic Analysis of Yard Care and Synthetic Chemical Use: The Case of San Francisco," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 14(3), pages 385-397, October. [Downloadable!] (restricted)
  12. Jan Rouwendal & Willemijn van der Straaten, 2008. "The costs and benefits of providing open space in cities," CPB Discussion Papers 98, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
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  13. Paul C. Cheshire, 1998. "Urban policy - helping people or helping places? New evidence from London on social exclusion and the spatial articulation of the distribution of income," ERSA conference papers ersa98p417, European Regional Science Association. [Downloadable!]
  14. Paul Cheshire & Stephen Sheppard, 2003. "Capitalising the Value of Free Schools: The Impact of Supply Constraints and Uncertainty," ERSA conference papers ersa03p8, European Regional Science Association. [Downloadable!]
  15. Paul Cheshire & Stephen Sheppard, 2004. "Capitalising the Value of Free Schools: The Impact of Supply Characteristics and Uncertainty," Department of Economics Working Papers 197, Department of Economics, Williams College. [Downloadable!]
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  16. Paul Cheshire & Stephen Sheppard, 2002. "Taxes Versus Regulation: The Welfare Impacts of Policies for Containing Sprawl," Department of Economics Working Papers 193, Department of Economics, Williams College. [Downloadable!]
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