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The Capitalization of Public Services and Amenities into Land Prices – Empirical Evidence from German Communities

Author

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  • Alexander Ebertz

Abstract

Applying the hedonic approach to land prices, this paper investigates the capitalization of public services and pure amenities in a cross section of German communities. Possible spill-over effects from neighboring municipalities are explicitly included in the analysis and prove to be of considerable importance. Estimates of the impacts of local attributes on land prices are obtained taking into account the spatial structure among unobserved variables. The results confirm that differences in land prices can largely be attributed to local conditions and policies. This implies a significant degree of mobility as well as a sizeable valuation of local attributes by German households.

Suggested Citation

  • Alexander Ebertz, 2008. "The Capitalization of Public Services and Amenities into Land Prices – Empirical Evidence from German Communities," ifo Working Paper Series 63, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
  • Handle: RePEc:ces:ifowps:_63
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    File URL: http://www.cesifo-group.de/DocDL/IfoWorkingPaper-63.pdf
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    References listed on IDEAS

    as
    1. Sheppard, Stephen, 1999. "Hedonic analysis of housing markets," Handbook of Regional and Urban Economics,in: P. C. Cheshire & E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 3, chapter 41, pages 1595-1635 Elsevier.
    2. Thiess Buettner & Alexander Ebertz, 2009. "Quality of life in the regions: results for German Counties," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 43(1), pages 89-112, March.
    3. Conley, T. G., 1999. "GMM estimation with cross sectional dependence," Journal of Econometrics, Elsevier, vol. 92(1), pages 1-45, September.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Martijn J. Burger & Evert J. Meijers & Marloes M. Hoogerbrugge & Jaume Masip Tresserra, 2015. "Borrowed Size, Agglomeration Shadows and Cultural Amenities in North-West Europe," European Planning Studies, Taylor & Francis Journals, vol. 23(6), pages 1090-1109, June.
    2. Alexander Ebertz, 2008. "Die Wohnortwahl privater Haushalte und die Bewertung lokaler Standortfaktoren in den sächsischen Gemeinden," ifo Dresden berichtet, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(05), pages 14-22, October.

    More about this item

    Keywords

    Land Prices; Hedonic Regression; Spatial Dependence;

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • H73 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Interjurisdictional Differentials and Their Effects
    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population

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