Statistical Analysis of the Relationship between Public Transport Accessibility and Flat Prices in Riga
AbstractA relationship between public transport accessibility and residential land value is a point of interest of many recent researches. A hedonic price regression model, widely used in this research area, has one very important shortcoming – it calculates an "average" influence of factors on land value in the analysing area. Usually spatial effects present in data, and the influence of public transport accessibility can be distributed over the area non-uniformly. In this study we apply a comparatively new modification of the regression model – geographically weighted regression – to examine the relationship between public transport accessibility and residential land value (in a form of rent and sell prices) in Riga. The proposed method allows taking into account spatial effects present in the relationship. We use information about geographical locations of urban public transport stops and routes to calculate a level of transport accessibility. Together with the transport accessibility level and a common set of property-specific parameters (floor area, number of rooms, etc.) we consider additional hedonic properties of a flat location such as distances to supermarkets, higher schools and natural attractors like large parks, the river, and the seaside.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 20921.
Date of creation: 14 Aug 2009
Date of revision:
Publication status: Published in Transport and Telecommunication 2.10(2009): pp. 26-32
geographically weighted regression; hedonic price model; public transport accessibility;
Find related papers by JEL classification:
- L92 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Railroads and Other Surface Transportation
- C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
- C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-06 (All new papers)
- NEP-GEO-2010-03-06 (Economic Geography)
- NEP-URE-2010-03-06 (Urban & Real Estate Economics)
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.:
- Timothy J. Fik & David C. Ling & Gordon F. Mulligan, 2003. "Modeling Spatial Variation in Housing Prices: A Variable Interaction Approach," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 31(4), pages 623-646, December.
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