Semiparametric estimation of land price gradients using large data sets
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.
Volume (Year): (2009)
Issue (Month): Win ()
|Contact details of provider:|| Web page: http://www.richmondfed.org/|
More information through EDIRC
|Order Information:|| Web: http://www.richmondfed.org/publications/ Email: |
References listed on IDEAS
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.:
- John DiNardo & Justin L. Tobias, 2001.
"Nonparametric Density and Regression Estimation,"
Journal of Economic Perspectives,
American Economic Association, vol. 15(4), pages 11-28, Fall.
- Yatchew, A., 1997. "An elementary estimator of the partial linear model," Economics Letters, Elsevier, vol. 57(2), pages 135-143, December.
- Richard Arnott & Alex Anas & Kenneth Small, 1997.
"Urban Spatial Structure,"
Boston College Working Papers in Economics
388., Boston College Department of Economics.
- Anas, Alex & Arnott, Richard & Small, Kenneth A., 1997. "Urban Spatial Structure," University of California Transportation Center, Working Papers qt835049q3, University of California Transportation Center.
- Giuliano, Genevieve & Small, Kenneth A., 1991.
"Subcenters in the Los Angeles Region,"
University of California Transportation Center, Working Papers
qt7xv976dj, University of California Transportation Center.
- Giuliano, Genevieve & Small, Kenneth A., 1991. "Subcenters in the Los Angeles Region," University of California Transportation Center, Working Papers qt6ts0t95w, University of California Transportation Center.
- 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.
- Fujita,Masahisa, 1989.
"Urban Economic Theory,"
Cambridge University Press, number 9780521346627, june. pag.
- Esteban Rossi-Hansberg & Pierre-Daniel Sarte & Raymond Owens III, 2008.
NBER Working Papers
14369, National Bureau of Economic Research, Inc.
- 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.
- Warren R. Seyfried, 1963. "The Centrality of Urban Land Values," Land Economics, University of Wisconsin Press, vol. 39(3), pages 275-284.
- McMillen, Daniel P., 2001. "Nonparametric Employment Subcenter Identification," Journal of Urban Economics, Elsevier, vol. 50(3), pages 448-473, November.
When requesting a correction, please mention this item's handle: RePEc:fip:fedreq:y:2009:i:win:p:53-74:n:v.95no.1. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (William Perkins)
If references are entirely missing, you can add them using this form.