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Hedonic Amenity Valuation and Functional Form Specification

Author

Listed:
  • J. Walter Milon
  • Jonathan Gressel
  • David Mulkey

Abstract

This paper uses GIS data to develop variables representing the physical extent and visibility of surrounding land use/cover features in a hedonic model of a rural/suburban residential housing market. Three equations are estimated to determine if views ...

Suggested Citation

  • J. Walter Milon & Jonathan Gressel & David Mulkey, 1984. "Hedonic Amenity Valuation and Functional Form Specification," Land Economics, University of Wisconsin Press, vol. 60(4), pages 378-387.
    • Handle: RePEc:uwp:landec:v:60:y:1984:i:4:p:378-387
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    1. Magnus, Jan & Peresetsky, Anatoly, 2010. "The price of Moscow apartments," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 17(1), pages 89-105.
    2. Maxime C. Cohen, & Georgia Perakis & Robert S. Pindyck, 2021. "A Simple Rule for Pricing with Limited Knowledge of Demand," Management Science, INFORMS, vol. 67(3), pages 1608-1621, March.
    3. Joaquín Delgado & Giovanni Wences, 2020. "A hedonic approach to the valuation of the effect of criminal violence on housing prices in Acapulco City," Empirical Economics, Springer, vol. 59(6), pages 2999-3018, December.
    4. Mahdieh Yazdani, 2021. "House Price Determinants and Market Segmentation in Boulder, Colorado: A Hedonic Price Approach," Papers 2108.02442, arXiv.org.
    5. Ann Hodgkinson & Abbas Valadkhani, 2009. "Community Valuations of Environmental Quality in Coastal Lakes: Lake Illawarra Case Study," Economic Papers, The Economic Society of Australia, vol. 28(2), pages 155-168, June.
    6. Edward B. Barbier & Mikołaj Czajkowski & Nick Hanley, 2017. "Is the Income Elasticity of the Willingness to Pay for Pollution Control Constant?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 68(3), pages 663-682, November.
    7. Walpole, Sandra C. & Lockwood, Michael, 1999. "Influence of remnant native vegetation on rural land values: a hedonic pricing application," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 125032, Australian Agricultural and Resource Economics Society.
    8. Philippe Cyrenne & Robert Fenton & Joseph Warbanski, 2006. "Historic Buildings and Rehabilitation Expenditures: A Panel Data Approach," Journal of Real Estate Research, American Real Estate Society, vol. 28(4), pages 349-380.
    9. Mahdieh Yazdani, 2021. "Machine Learning, Deep Learning, and Hedonic Methods for Real Estate Price Prediction," Papers 2110.07151, arXiv.org.
    10. Liu, Sezhu & Hite, Diane, 2013. "Measuring the Effect of Green Space on Property Value: An Application of the Hedonic Spatial Quantile Regression," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143045, Southern Agricultural Economics Association.
    11. Dietrich Earnhart, 2001. "Combining Revealed and Stated Preference Methods to Value Environmental Amenities at Residential Locations," Land Economics, University of Wisconsin Press, vol. 77(1), pages 12-29.
    12. Bouvier, Rachel A. & Halstead, John M. & Conway, Karen S. & Manalo, Alberto B., 2000. "The Effects of Landfills on Rural Residential Property Values: Some Empirical Evidence," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 30(2), pages 1-15.
    13. Smith, Martin D. & Slott, Jordan M. & McNamara, Dylan & Brad Murray, A., 2009. "Beach nourishment as a dynamic capital accumulation problem," Journal of Environmental Economics and Management, Elsevier, vol. 58(1), pages 58-71, July.
    14. Maxime C. Cohen & Ilan Lobel & Renato Paes Leme, 2020. "Feature-Based Dynamic Pricing," Management Science, INFORMS, vol. 66(11), pages 4921-4943, November.
    15. T J Fik & G F Mulligan, 1998. "Functional Form and Spatial Interaction Models," Environment and Planning A, , vol. 30(8), pages 1497-1507, August.
    16. John S. Baen, 1997. "The Growing Importance and Value Implications of Recreational Hunting Leases to Agricultural Land Investors in America," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 399-414.
    17. Lansford, Notie H., Jr. & Jones, Lonnie L., 1995. "Recreational And Aesthetic Value Of Water Using Hedonic Price Analysis," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 20(2), pages 1-15, December.
    18. Chen, Susan Sou-I, 2010. "Hedonic Valuation of Timber Stands in the Great Lakes Northern Forests," Graduate Research Master's Degree Plan B Papers 98072, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    19. Steffen Sebastian & R. Maurer & Martin Pitzer, 2001. "Construction of a transaction based price index for the Paris housing market," ERES eres2001_276, European Real Estate Society (ERES).
    20. Stoeckl, Natalie & Condie, Scott & Anthony, Ken, 2021. "Assessing changes to ecosystem service values at large geographic scale: A case study for Australia’s Great Barrier Reef," Ecosystem Services, Elsevier, vol. 51(C).
    21. Julia Koschinsky & Nancy Lozano-Gracia & Gianfranco Piras, 2012. "The welfare benefit of a home’s location: an empirical comparison of spatial and non-spatial model estimates," Journal of Geographical Systems, Springer, vol. 14(3), pages 319-356, July.
    22. Masha Maslianskaia-Pautrel & Catherine Baumont pba148, 2016. "The nature and impacts of environmental spillovers on housing prices: A spatial hedonic analysis," Working Papers 2016.04, FAERE - French Association of Environmental and Resource Economists.
    23. Jordan, Jeffrey L. & Shewfelt, R.L. & Prussia, Stanley E. & Hurst, W.C., 1985. "Estimating Implicit Marginal Prices Of Quality Characteristics Of Tomatoes," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(2), pages 1-8, December.
    24. Bastian, Chris T. & McLeod, Donald M. & Germino, Matthew J. & Reiners, William A. & Blasko, Benedict J., 2002. "Environmental amenities and agricultural land values: a hedonic model using geographic information systems data," Ecological Economics, Elsevier, vol. 40(3), pages 337-349, March.

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