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Environmental Conditions, Reservation Prices, and Time on the Market for Housing

  • Huang, Ju-Chin
  • Palmquist, Raymond B
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    A general analytical model to describe the impact of environmental disamenities on duration of sales is derived. A statistical technique to recover a seller's reservation price is proposed. An econometric procedure that consistently estimates market duration and a seller's reservation price is described. An application to the impact of highway noise on property values and market duration is presented. The estimation results show that, while highway noise has a significant negative impact on forming reservation prices and predicting sale prices, the noise effect on duration of sales is not statistically significant. Empirical evidence also shows a negative impact of market duration on reservation prices, which indicates an updating process for reservation prices over time. Copyright 2001 by Kluwer Academic Publishers

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    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 22 (2001)
    Issue (Month): 2-3 (March-May)
    Pages: 203-19

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    Handle: RePEc:kap:jrefec:v:22:y:2001:i:2-3:p:203-19
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