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Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially-weighted Hedonic Models

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Author Info
Cho, Seong-Hoon
Bowker, J.M.
Park, William M.

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Abstract

This 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 square (OLS) model. A locally weighted regression model is then employed to investigate spatial non-stationarity and generate local estimates for individual sources of each amenity. The local model is able to capture the variability in the quality of water bodies and parks across the county, something a conventional hedonic model using OLS cannot do.

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Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2006 Annual meeting, July 23-26, Long Beach, CA with number 21242.

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Date of creation: 2006
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Handle: RePEc:ags:aaea06:21242

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Keywords: Land Economics/Use;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. MacKinnon, James G. & White, Halbert, 1985. "Some heteroskedasticity-consistent covariance matrix estimators with improved finite sample properties," Journal of Econometrics, Elsevier, vol. 29(3), pages 305-325, September. [Downloadable!] (restricted)
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  2. John Freebairn & Bill Griffiths, 2006. "Introduction," The Economic Record, The Economic Society of Australia, vol. 82(s1), pages S1-S1, 09. [Downloadable!] (restricted)
  3. Doss, Cheryl R. & Taff, Steven J., 1996. "The Influence Of Wetland Type And Wetland Proximity On Residential Property Values," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(01), July. [Downloadable!]
  4. Kathy J. Hayes & Lori L. Taylor, 1996. "Neighborhood school characteristics: what signals quality to homebuyers?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 2-9. [Downloadable!]
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  1. Neville D Crossman & Jeffrey D Connor & Brett A Bryan & David A Summers & John Ginnivan, 2009. "Reconfiguring an Irrigation Landscape to Improve Provision of Ecosystem Services," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2009-07, CSIRO Sustainable Ecosystems. [Downloadable!]
  2. Cotteleer, G. & Peerlings, J.H.M., 2008. "Externalities Imposed on Residential Properties in Highly Urbanized Areas," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 43950, European Association of Agricultural Economists. [Downloadable!]
  3. Geerte Cotteleer & Tracy Stobbe & G. Cornelis van Kooten, 2008. "Expert Opinion versus Transaction Evidence: Using the Reilly Index to Measure Open Space premiums in the Urban-Rural Fringe," Working Papers 2008-06, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group. [Downloadable!]
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