Economic Impacts of Wetland Amenities A Spatial Econometric Analysis of the Housing Market
Wetlands in the Netherlands are subject to pressures from various economic activities. Especially in the Randstad region there is a strong competition for land among residential industrial, natural and agricultural land use. In this part of the country, where land use is intensive, spatial spill-overs are quite relevant. The presence of externalities is the reason why land markets are heavily controlled in the Netherlands. In consultation with various interest groups Dutch national, regional and municipal governments have developed land use policies for some unique wetland areas. The economic impact of Dutch restrictive wetland use policies is manifest on housing markets. This effect is not limited to the construction of residential properties in the wetland surrounding areas. The regional housing price formation process is also affected by regulatory land use regimes. The aim of this paper is to focus on the economic impacts of Dutch restrictive wetland use policies. In particular a spatial econometric analysis of the housing market will be performed in order to determine the relationship between the presence of wetland areas and the prices of nearby houses. For this purpose, a database with selling prices and characteristics of houses from the Dutch brokers association (NVM) will be used. The neighbourhood effect mentioned above is estimated using spatial econometric techniques which are closely related to the hedonic pricing method, which determines the marginal value of various characteristics of a commodity. Also, a panel data analysis will be carried out in order to be able to reveal the in time dynamics of housing markets.
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.:
- Pace, R. Kelley & Barry, Ronald & Gilley, Otis W. & Sirmans, C. F., 2000. "A method for spatial-temporal forecasting with an application to real estate prices," International Journal of Forecasting, Elsevier, vol. 16(2), pages 229-246.
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
- Brent L. Mahan & BStephen Polasky & Richard M. Adams, 2000. "Valuing Urban Wetlands: A Property Price Approach," Land Economics, University of Wisconsin Press, vol. 76(1), pages 100-113.
- M Tiefelsdorf & B Boots, 1995. "The Exact Distribution of Moran's I," Environment and Planning A, , vol. 27(6), pages 985-999, June.
- Kelley Pace, R., 1997. "Performing large spatial regressions and autoregressions," Economics Letters, Elsevier, vol. 54(3), pages 283-291, July.