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GIS-Based Estimation of Housing Amenities: The Case of High Grounds and Stagnant Streams

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  • Shibashis Mukherjee

    (Department of Agricultural and Consumer Economics, University of Illinois at Urbana Champaign)

  • Arthur J. Caplan

    (Department of Applied Economics, Utah State University)

Abstract

We use GIS and econometric methods to estimate the marginal implicit values of environmental amenities associated with residential land parcels in the mountain town of Logan, Utah. Amenities include proximity to open spaces (such as parks, golf courses and lakes), commercial zones, major roads, streams, and general visibility of surrounding topography in the valley as determined by the elevation of the land parcel. The amenity value estimates are corrected for spatial autocorrelation. We find a positive relationship between a parcel’s value and its elevation, and a negative relationship between value and adjacency to a stagnant stream. To our knowledge, this is the first hedonic study to assess the effect of stream stagnancy on land value.

Suggested Citation

  • Shibashis Mukherjee & Arthur J. Caplan, 2010. "GIS-Based Estimation of Housing Amenities: The Case of High Grounds and Stagnant Streams," Working Papers 2010-01, Utah State University, Department of Economics.
    • Handle: RePEc:usu:wpaper:2010-01
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    References listed on IDEAS

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    1. Jean Cavailhès & Thierry Brossard & Jean-Christophe Foltête & Mohamed Hilal & Daniel Joly & François-Pierre Tourneux & Céline Tritz & Pierre Wavresky, 2009. "GIS-based hedonic pricing of landscape," Post-Print hal-02668434, HAL.
    2. Benson, Earl D & Hansen, Julia L. & Schwartz Jr., Arthur & Smersh, Greg T., 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January.
    3. Ihlanfeldt, Keith R. & Martinez-Vazquez, Jorge, 1986. "Alternative value estimates of owner-occupied housing: Evidence on sample selection bias and systematic errors," Journal of Urban Economics, Elsevier, vol. 20(3), pages 356-369, November.
    4. Sengupta, Sanchita & Osgood, Daniel Edward, 2003. "The value of remoteness: a hedonic estimation of ranchette prices," Ecological Economics, Elsevier, vol. 44(1), pages 91-103, February.
    5. Gawande, Kishore & Jenkins-Smith, Hank, 2001. "Nuclear Waste Transport and Residential Property Values: Estimating the Effects of Perceived Risks," Journal of Environmental Economics and Management, Elsevier, vol. 42(2), pages 207-233, September.
    6. Timothy J. Fik & David C. Ling & Gordon F. Mulligan, 2003. "Modeling Spatial Variation in Housing Prices: A Variable Interaction Approach," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(4), pages 623-646, December.
    7. Phil Graves & James C. Murdoch & Mark A. Thayer & Don Waldman, 1988. "The Robustness of Hedonic Price Estimation: Urban Air Quality," Land Economics, University of Wisconsin Press, vol. 64(3), pages 220-233.
    8. Jean Cavailhès & Thierry Brossard & Jean-Christophe Foltête & Mohamed Hilal & Daniel Joly & François-Pierre Tourneux & Céline Tritz & Pierre Wavresky, 2009. "GIS-Based Hedonic Pricing of Landscape," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 44(4), pages 571-590, December.
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    Cited by:

    1. Toke Panduro & Bo Thorsen, 2014. "Evaluating two model reduction approaches for large scale hedonic models sensitive to omitted variables and multicollinearity," Letters in Spatial and Resource Sciences, Springer, vol. 7(2), pages 85-102, July.

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    More about this item

    Keywords

    hedonic valuation; stagnant streams; high elevation;
    All these keywords.

    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q59 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Other

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