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Estimating the Demand for Housing, Land, and Neighbourhood Characteristics

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Author Info
Cheshire, Paul
Sheppard, Stephen

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Abstract

This paper provides estimates of the structure of demand for individual housing and neighborhood characteristics and for land in two British cities. The authors estimate a hedonic price function, and from this obtain the implicit prices of house attributes. These prices are used to estimate a demand system for each city. These perform well, and enable them to calculate price and income elasticities for each of the nondichotomous characteristics and for land. To counteract criticisms of demand estimates derived within the hedonic framework a method is developed for selecting an appropriate set of instrumental variables. Estimates derived from this method, however, differ only slightly from those obtained using the conventional techniques. Several features of these estimates provide insights into the unusual characteristics of the British housing market, the effects of constraints imposed by land use planning, and the effects of changing income distribution on the structure of demand. Copyright 1998 by Blackwell Publishing Ltd

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Publisher Info
Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 60 (1998)
Issue (Month): 3 (August)
Pages: 357-82
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Handle: RePEc:bla:obuest:v:60:y:1998:i:3:p:357-82

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0305-9049

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  1. Mollard, A. & Rambonilaza, M. & Vollet, D., 2004. "Market structure and environmental amenities in hedonic pricing of rural cottages," Working Papers 200427, Grenoble Applied Economics Laboratory (GAEL). [Downloadable!]
  2. Inmaculada García & José Alberto Molina, 1999. "How do workers decide their jobs? The influence of income, wage and job characteristics," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(4), pages 189-204.
  3. Katrin Rehdanz, 2002. "Hedonic Pricing Of Climate Change Impacts To Households In Great Britain," Working Papers FNU-13, Research unit Sustainability and Global Change, Hamburg University, revised Jul 2002. [Downloadable!]
  4. 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!]
  5. 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!]
    Other versions:
  6. Amelia Bilbao & Celia Bilbao & José M. Labeaga, . "The excess burden associated to characteristics of the goods: Application to housing demand," Working Papers 2005-09, FEDEA. [Downloadable!]
  7. 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!]
  8. Erling Røed Larsen, 2002. "Searching for Basic Consumption Patterns Is the Engel Elasticity of Housing Unity?," Discussion Papers 323, Research Department of Statistics Norway. [Downloadable!]
  9. Leech, D. & Campos, E., 2000. "Is Comprehensive Education Really Free? A Study of the Effects of Secondary School Admissions Policies on House Prices," The Warwick Economics Research Paper Series (TWERPS) 581, University of Warwick, Department of Economics. [Downloadable!]
  10. Brett Day & Ian Bateman & Iain Lake, 2007. "Beyond implicit prices: recovering theoretically consistent and transferable values for noise avoidance from a hedonic property price model," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(1), pages 211-232, May. [Downloadable!] (restricted)
  11. Charles Ka Yui Leung & Kelvin Siu Kei Wong & Patrick Wai Yin Cheung, 2007. "On the Stability of the Implicit Prices of Housing Attributes: A Dynamic Theory and Some Evidence," International Real Estate Review, Asian Real Estate Society, vol. 10(2), pages 66-93. [Downloadable!]
  12. David Mayston, 2006. "Competition and Resource Effectiveness in Education," Discussion Papers 06/05, Department of Economics, University of York. [Downloadable!]
  13. Gottlieb, Paul D. & O'Donnell, Anthony & Rudel, Thomas & O'Neill, Karen & McDermott, Melanie, 2009. "The impact of large-lot zoning and open space acquisition on home building in rural communities," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49310, Agricultural and Applied Economics Association. [Downloadable!]
  14. 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!]
  15. Charles A. M. de Bartolome & Stephen L. Ross, 2002. "The Race to the Suburb: The Location of the Poor in a Metropolitan Area," Working papers 2002-02, University of Connecticut, Department of Economics, revised May 2008. [Downloadable!]
  16. Helen Tauchen & Ann Dryden Witte, 2001. "Estimating Hedonic Models: Implications of the Theory," NBER Technical Working Papers 0271, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  17. 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!]
    Other versions:
  18. 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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