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Semiparametric estimation of land price gradients using large data sets

  • Kevin A. Bryan
  • Pierre-Daniel G. Sarte

The exact nature of land price gradients, the surface describing how land prices change with location, can be difficult to uncover. This is particularly true for cities with few vacant lots or in more rural regions where the number of land sales in a given area is limited. This article outlines a semiparametric method to construct the land price surface given a large set of residential property sales, and investigates properties of this surface in Richmond, Virginia, and three surrounding counties. Despite recent concentrations of housing in suburban areas, we find that Richmond remains largely a monocentric city. Nevertheless, the price surface that we estimate features a complex topography, and high prices near suburban interstates and lakes are clearly evident.

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File URL: http://www.richmondfed.org/publications/research/economic_quarterly/2009/winter/pdf/sarte.pdf
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Article provided by Federal Reserve Bank of Richmond in its journal Economic Quarterly.

Volume (Year): (2009)
Issue (Month): Win ()
Pages: 53-74

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Handle: RePEc:fip:fedreq:y:2009:i:win:p:53-74:n:v.95no.1
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  1. Esteban Rossi-Hansberg & Pierre-Daniel Sarte & Raymond Owens, 2010. "Housing Externalities," Journal of Political Economy, University of Chicago Press, vol. 118(3), pages 485-535, 06.
  2. Richard Arnott & Alex Anas & Kenneth Small, 1997. "Urban Spatial Structure," Boston College Working Papers in Economics 388., Boston College Department of Economics.
  3. Redfearn, Christian L., 2007. "The topography of metropolitan employment: Identifying centers of employment in a polycentric urban area," Journal of Urban Economics, Elsevier, vol. 61(3), pages 519-541, May.
  4. Giuliano, Genevieve & Small, Kenneth A., 1991. "Subcenters in the Los Angeles region," Regional Science and Urban Economics, Elsevier, vol. 21(2), pages 163-182, July.
  5. DiNardo, John & Tobias, Justin, 2001. "Nonparametric Density and Regression Estimation," Staff General Research Papers 12020, Iowa State University, Department of Economics.
  6. Yatchew, A., 1997. "An elementary estimator of the partial linear model," Economics Letters, Elsevier, vol. 57(2), pages 135-143, December.
  7. McMillen, Daniel P., 2001. "Nonparametric Employment Subcenter Identification," Journal of Urban Economics, Elsevier, vol. 50(3), pages 448-473, November.
  8. Warren R. Seyfried, 1963. "The Centrality of Urban Land Values," Land Economics, University of Wisconsin Press, vol. 39(3), pages 275-284.
  9. Colwell, Peter F. & Munneke, Henry J., 1997. "The Structure of Urban Land Prices," Journal of Urban Economics, Elsevier, vol. 41(3), pages 321-336, May.
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