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The Benefits of Visibility Improvement: New Evidence from the Los Angeles Metropolitan Area

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  • Beron, Kurt
  • Murdoch, James
  • Thayer, Mark

Abstract

This article examines the impact of a specific aspect of air quality--visibility, or the ability to clearly see distant objects--on housing values. Our analysis is based on a data set constructed by matching residential housing sales data from the Los Angeles Metropolitan Area for the period 1980 through 1995 with visibility and other air pollution data and other characteristics. We find that visibility differences are capitalized into housing values, producing a measurable hedonic price gradient. The time-series design facilitates an estimate of the demand for visibility that we use to calculate the benefits of changes in visual range. Copyright 2001 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 22 (2001)
Issue (Month): 2-3 (March-May)
Pages: 319-37

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Handle: RePEc:kap:jrefec:v:22:y:2001:i:2-3:p:319-37

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Web page: http://www.springerlink.com/link.asp?id=102945

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Cited by:
  1. David M. Brasington, . "School Choice and the Flight to Private Schools: To What Extent Are Public and Private Schools Substitutes?," Departmental Working Papers 2006-04, Department of Economics, Louisiana State University.
  2. Holger Sieg & V. Kerry Smith & H. Spencer Banzhaf & Randy Walsh, 2000. "Estimating the General Equilibrium Benefits of Large Policy Changes: The Clean Air Act Revisited," NBER Working Papers 7744, National Bureau of Economic Research, Inc.
  3. Krister Sandberg, 2003. "On Space-Time Changes of Hedonic Prices for Single Family Homes," ERSA conference papers ersa03p275, European Regional Science Association.
  4. John C. Bergstrom & Laura O. Taylor, . "Using Meta Analysis for Benefits Transfer: Theory and Practice," Experimental Economics Center Working Paper Series 2006-12, Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University.
  5. Luc Anselin & Julie Le Gallo, 2006. "Interpolation of Air Quality Measures in Hedonic House Price Models: Spatial Aspects This paper is part of a joint research effort with James Murdoch (University of Texas, Dallas) and Mark Thayer (San," Spatial Economic Analysis, Taylor & Francis Journals, vol. 1(1), pages 31-52.
  6. repec:asg:wpaper:1045 is not listed on IDEAS
  7. M. Du Preez & M.C. Sale, 2011. "The impact of social housing developments on nearby property prices: A Nelson Mandela Bay Case Study," Working Papers 241, Economic Research Southern Africa.
  8. Brasington, David M. & Hite, Diane, 2008. "A mixed index approach to identifying hedonic price models," Regional Science and Urban Economics, Elsevier, vol. 38(3), pages 271-284, May.
  9. Brasington, David M. & Hite, Diane, 2005. "Demand for environmental quality: a spatial hedonic analysis," Regional Science and Urban Economics, Elsevier, vol. 35(1), pages 57-82, January.
  10. Jean-Daniel Saphores & Ismael Aguilar-Benitez, 2005. "Smelly local polluters and residential property values: A hedonic analysis of four Orange County (California) cities," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 20(2), pages 197-218.
  11. Stephens, Heather & Partridge, Mark, 2012. "Lake Amenities, Environmental Degradation, and Great Lakes Regional Growth," MPRA Paper 43903, University Library of Munich, Germany.
  12. David M. Brasington & Diane Hite, . "Demand for Environmental Quality: A Spatial Hedonic Approach," Departmental Working Papers 2005-08, Department of Economics, Louisiana State University.
  13. England, Richard W., 2007. "Motor fuel taxation, energy conservation, and economic development: A regional approach," Ecological Economics, Elsevier, vol. 61(2-3), pages 409-416, March.
  14. David M. Brasington & Donald R. Haurin, . "The Demand for Educational Quality: Combining a Median Voter and Hedonic House Price Model," Departmental Working Papers 2006-07, Department of Economics, Louisiana State University.
  15. Stefania Tonin & Margherita Turvani, 2011. "Environmental contamination and industrial real estate market: an application of hedonic price method in Italy," ERSA conference papers ersa10p511, European Regional Science Association.
  16. Luc Anselin & Nancy Lozano-Gracia, 2008. "Errors in variables and spatial effects in hedonic house price models of ambient air quality," Empirical Economics, Springer, vol. 34(1), pages 5-34, February.
  17. V. Smith & Subhrendu Pattanayak, 2002. "Is Meta-Analysis a Noah's Ark for Non-Market Valuation?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(1), pages 271-296, June.
  18. Leguizamon, Susane J. & Ross, Justin M., 2012. "Revealed preference for relative status: Evidence from the housing market," Journal of Housing Economics, Elsevier, vol. 21(1), pages 55-65.

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