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The impact of labour market accessibility on housing prices

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  • Liv Osland

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  • Inge Thorsen

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  • Jens Petter Gitlesen

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    Abstract

    In this paper we study the relationship between labour market accessibility and housing prices in a Norwegian region. Through a hedonic approach we estimate implicit prices for a location with a marginally improved labour market accessibility. We test alternative measures of spatial separation between residential location alternatives and job opportunities. Gravity based accessibility measures in general improve model performance compared to a standard approach with one-dimensional measures of distance. We also discuss how sensitive the results are with respect to the delimitation of the geography. Based on our empirical results we finally enter into the discussion of how changes in the transportation infrastructure and the spatial distribution of employment opportunities capitalise through property values.

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    Bibliographic Info

    Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa04p355.

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    Date of creation: Aug 2004
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    Handle: RePEc:wiw:wiwrsa:ersa04p355

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    1. Mingche M. Li & H. James Brown, 1980. "Micro-Neighborhood Externalities and Hedonic Housing Prices," Land Economics, University of Wisconsin Press, vol. 56(2), pages 125-141.
    2. Paul Cheshire & Stephen Sheppard, 1997. "Welfare Economics of Land Use Regulation," Urban/Regional 9702001, EconWPA.
    3. White, Halbert, 1982. "Maximum Likelihood Estimation of Misspecified Models," Econometrica, Econometric Society, vol. 50(1), pages 1-25, January.
    4. Schnare, Ann B. & Struyk, Raymond J., 1976. "Segmentation in urban housing markets," Journal of Urban Economics, Elsevier, vol. 3(2), pages 146-166, April.
    5. T J Fik & G F Mulligan, 1998. "Functional form and spatial interaction models," Environment and Planning A, Pion Ltd, London, vol. 30(8), pages 1497-1507, August.
    6. Quigley, John M., 1982. "Nonlinear budget constraints and consumer demand: An application to public programs for residential housing," Journal of Urban Economics, Elsevier, vol. 12(2), pages 177-201, September.
    7. 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..
    8. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
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