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Hedonic analysis in a spatial context: theoretical problems in valuing location-specific amenities

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Author Info

  • Graves, Philip E.
  • Knapp, Thomas A.

Abstract

Hedonic analysis is frequently implemented to generate implicit prices for location-specific amenities within single markets, either in cross-city wage differentials or within-city rent gradients. Amenities are shown to be generally priced in both land and labor markets, with single market valuations tending to understate true amenity values. Establishing a correct multi-market amenity valuation model is seen to depend on the resolution of a host of additional issues.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19902.

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Date of creation: Dec 1985
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Handle: RePEc:pra:mprapa:19902

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Related research

Keywords: Amenities; hedonic models; wage differentials; property value differentials; spatial modeling;

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References

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  1. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-78, December.
  2. Graves, Philip E. & Linneman, Peter D., 1979. "Household migration: Theoretical and empirical results," Journal of Urban Economics, Elsevier, vol. 6(3), pages 383-404, July.
  3. Graves, Philip E., 1983. "Migration with a composite amenity: the role of rents," MPRA Paper 19917, University Library of Munich, Germany.
  4. Graves, Philip E., 1979. "A life-cycle empirical analysis of migration and climate, by race," MPRA Paper 19921, University Library of Munich, Germany.
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Citations

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Cited by:
  1. Waltert, Fabian & Schläpfer, Felix, 2010. "Landscape amenities and local development: A review of migration, regional economic and hedonic pricing studies," Ecological Economics, Elsevier, vol. 70(2), pages 141-152, December.
  2. Julia Koschinsky & Nancy Lozano-Gracia & Gianfranco Piras, 2012. "The welfare benefit of a home’s location: an empirical comparison of spatial and non-spatial model estimates," Journal of Geographical Systems, Springer, vol. 14(3), pages 319-356, July.
  3. Fabian Waltert & Felix Schlaepfer, 2007. "The role of landscape amenities in regional development: a survey of migration, regional economic and hedonic pricing studies," SOI - Working Papers 0710, Socioeconomic Institute - University of Zurich.

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