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Does the housing market reflect cultural heritage? A case study of Greater Dublin

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Author Info

  • Lyons, Sean
  • Mayor, Karen
  • Moro, Mirko
  • Tol, Richard S J

Abstract

Does the housing market reflect cultural heritage? We estimate several specifications of a hedonic price equation to establish whether distance to cultural heritage site is capitalised into housing prices in Greater Dublin, Ireland. The results show that distance to the nearest historic building has a significant and robust effect on housing prices. To our knowledge this is the first application of the hedonic price method to cultural heritage.

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File URL: http://hdl.handle.net/1893/3002
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Bibliographic Info

Paper provided by University of Stirling, Division of Economics in its series Stirling Economics Discussion Papers with number 2011-07.

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Date of creation: May 2011
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Handle: RePEc:stl:stledp:2011-07

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Postal: Division of Economics, University of Stirling, Stirling, Scotland FK9 4LA
Phone: +44 (0)1786 467473
Fax: +44 (0)1786 467469
Web page: http://www.econ.stir.ac.uk/
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Keywords: non-market valuation; hedonic price; hedonic regression; cultural heritage; cultural economics;

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  1. John Whitehead & Suzanne Finney, 2003. "Willingness to Pay for Submerged Maritime Cultural Resources," Journal of Cultural Economics, Springer, vol. 27(3), pages 231-240, November.
  2. P. Poor & Jamie Smith, 2004. "Travel Cost Analysis of a Cultural Heritage Site: The Case of Historic St. Mary's City of Maryland," Journal of Cultural Economics, Springer, vol. 28(3), pages 217-229, August.
  3. Lazrak, F. & Nijkamp, P. & Rietveld, P. & Rouwendal, J., 2009. "Cultural heritage: hedonic prices for non-market values," Serie Research Memoranda 0049, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
  4. Victor Ginsburgh & David Throsby, 2006. "Handbook of the economics of art and culture," ULB Institutional Repository 2013/1673, ULB -- Universite Libre de Bruxelles.
  5. Brereton, Finbarr & Clinch, J. Peter & Ferreira, Susana, 2008. "Happiness, geography and the environment," Ecological Economics, Elsevier, vol. 65(2), pages 386-396, April.
  6. Anna Alberini & Alberto Longo, 2009. "Valuing the cultural monuments of Armenia: Bayesian updating of prior beliefs in contingent valuation," Environment and Planning A, Pion Ltd, London, vol. 41(2), pages 441-460, February.
  7. Andrew Narwold & Jonathan Sandy & Charles Tu, 2008. "Historic Designation and Residential Property Values," International Real Estate Review, Asian Real Estate Society, vol. 11(1), pages 83-95.
  8. Stephen Malpezzi, . "Hedonic Pricing Models: A Selective and Applied Review," Wisconsin-Madison CULER working papers 02-05, University of Wisconsin Center for Urban Land Economic Research.
  9. 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..
  10. Marilena Pollicino & David Maddison, 2001. "Valuing the Benefits of Cleaning Lincoln Cathedral," Journal of Cultural Economics, Springer, vol. 25(2), pages 131-148, May.
  11. Forrest, David & Grime, Keith & Woods, Robert, 2000. "Is It Worth Subsidising Regional Repertory Theatre?," Oxford Economic Papers, Oxford University Press, vol. 52(2), pages 381-97, April.
  12. Bille, Trine & Schulze, Gunther G., 2006. "Culture in Urban and Regional Development," Handbook of the Economics of Art and Culture, Elsevier.
  13. Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July.
  14. David Maddison & Terry Foster, 2003. "Valuing congestion costs in the British Museum," Oxford Economic Papers, Oxford University Press, vol. 55(1), pages 173-190, January.
  15. Jaap Boter & Jan Rouwendal & Michel Wedel, 2005. "Employing Travel Time to Compare the Value of Competing Cultural Organizations," Journal of Cultural Economics, Springer, vol. 29(1), pages 19-33, February.
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