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Semiparametric hedonic price models: assessing the effects of agricultural nonpoint source pollution

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  • Christophe Bontemps

    (Toulouse School of Economics, GREMAQ-INRA, Toulouse, France)

  • Michel Simioni

    (Toulouse School of Economics, GREMAQ-INRA, Toulouse, France)

  • Yves Surry

    (Swedish University of Agricultural Sciences, Uppsala, Sweden)

Abstract

In the area of environmental analysis using hedonic price models, we investigate the performance of various nonparametric and semiparametric specifications. The proposed model specifications are made up of two parts: a linear component for house characteristics and a non-(semi)parametric component representing the nonlinear influence of environmental indicators on house prices. We adopt a general-to-specific search procedure, based on recent specification tests comparing the proposed specifications with a fully nonparametric benchmark model, to select the best model specification. An application of these semiparametric models to rural districts indicates that pollution resulting from intensive livestock farming has a significant nonlinear impact on house prices. Copyright © 2008 John Wiley & Sons, Ltd.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 23 (2008)
Issue (Month): 6 ()
Pages: 825-842

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Handle: RePEc:jae:japmet:v:23:y:2008:i:6:p:825-842

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  1. Joseph A. Herriges & Silvia Secchik & JBruce A. Babcock, 2005. "Living with Hogs in Iowa: The Impact of Livestock Facilities on Rural Residential Property Values," Land Economics, University of Wisconsin Press, vol. 81(4).
  2. Patrick Bajari & C. Lanier Benkard, 2005. "Demand Estimation with Heterogeneous Consumers and Unobserved Product Characteristics: A Hedonic Approach," Journal of Political Economy, University of Chicago Press, vol. 113(6), pages 1239-1276, December.
  3. Powell, James L & Stock, James H & Stoker, Thomas M, 1989. "Semiparametric Estimation of Index Coefficients," Econometrica, Econometric Society, vol. 57(6), pages 1403-30, November.
  4. Philippe Le Goffe, 2000. "Hedonic Pricing of Agriculture and Forestry Externalities," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 15(4), pages 397-401, April.
  5. Fan, Yanqin & Li, Qi, 1996. "Consistent Model Specification Tests: Omitted Variables and Semiparametric Functional Forms," Econometrica, Econometric Society, vol. 64(4), pages 865-90, July.
  6. Ivar Ekeland & James J. Heckman & Lars P. Nesheim, 2003. "Identification and Estimation of Hedonic Models," NBER Working Papers 9910, National Bureau of Economic Research, Inc.
  7. Patrick Bajari & Matthew E. Kahn, 2003. "Estimating Housing Demand with an Application to Explaining Racial Segregation in Cities," NBER Working Papers 9891, National Bureau of Economic Research, Inc.
  8. Gozalo, Pedro L. & Linton, Oliver B., 2001. "Testing additivity in generalized nonparametric regression models with estimated parameters," Journal of Econometrics, Elsevier, vol. 104(1), pages 1-48, August.
  9. Rosa L. Matzkin, 1999. "Nonparametric Estimation of Nonadditive Random Functions," Working Papers 38, Universidad de San Andres, Departamento de Economia, revised Sep 2001.
  10. Richard C. Ready & Charles W. Abdalla, 2005. "The Amenity and Disamenity Impacts of Agriculture: Estimates from a Hedonic Pricing Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 87(2), pages 314-326.
  11. David Brasington & D. Hite, . "Demand for Environmental Quality: A Spatial Hedonic Analysis," Departmental Working Papers 2003-02, Department of Economics, Louisiana State University.
  12. Yasushi Kondo & Myoung-jae Lee, 2003. "Hedonic price index estimation under mean-independence of time dummies from quality characteristics," Econometrics Journal, Royal Economic Society, vol. 6(1), pages 28-45, 06.
  13. Daniel J. Henderson & Christopher F. Parmeter & Subal C. Kumbhakar, 2007. "Nonparametric estimation of a hedonic price function," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(3), pages 695-699.
  14. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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Citations

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Cited by:
  1. repec:dgr:uvatin:2013075 is not listed on IDEAS
  2. Steve Gibbons & Susana Mourato & Guilherme Resende, 2011. "The Amenity Value of English Nature: A Hedonic Price Approach," SERC Discussion Papers 0074, Spatial Economics Research Centre, LSE.
  3. repec:dgr:uvatin:2010105 is not listed on IDEAS
  4. repec:dgr:uvatin:2010087 is not listed on IDEAS
  5. Carlo Fezzi & Ian Bateman, 2013. "The Impact of Climate Change on Agriculture: Nonlinear Effects and Aggregation Bias in Ricardian Models of Farm Land Values," Working Papers 2013.94, Fondazione Eni Enrico Mattei.
  6. Hans R. A. Koster & Piet Rietveld & Jos Van Ommeren, 2013. "Historic Amenities, Income and Sorting of Households," SERC Discussion Papers 0124, Spatial Economics Research Centre, LSE.
  7. repec:dgr:uvatin:0000094 is not listed on IDEAS
  8. Paul Koster & Hans Koster, 2013. "Commuters' Preferences for Fast and Reliable Travel," Tinbergen Institute Discussion Papers 13-075/VIII, Tinbergen Institute, revised 24 Jun 2013.
  9. Jeanne Dachary-Bernard & Frédéric Gaschet & Sandrine Lyser & Guillaume Pouyanne & Stéphane Virol, 2011. "L’impact de la littoralisation sur les marchés fonciers. Une approche comparative des côtes basque et charentaise," Économie et Statistique, Programme National Persée, vol. 444(1), pages 127-154.
  10. Paul Koster & Hans Koster, 2013. "Analysing Heterogeneity in the Value of Travel Time and Reliability: A Semiparametric Estimation Approach," ERSA conference papers ersa13p1032, European Regional Science Association.
  11. Manuel Landajo & Celia Bilbao & Amelia Bilbao, 2012. "Nonparametric neural network modeling of hedonic prices in the housing market," Empirical Economics, Springer, vol. 42(3), pages 987-1009, June.
  12. repec:dgr:uvatin:2010094 is not listed on IDEAS
  13. Senay Sokullu, 2012. "Nonparametric Estimation of Semiparametric Transformation Models," Bristol Economics Discussion Papers 12/625, Department of Economics, University of Bristol, UK.

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