Chapter 16 Property Value Models

Palmquist, Raymond B.

doi:10.1016/s1574-0099(05)02016-4

Cited by 207 publications

(134 citation statements)

References 123 publications

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“…The hedonic price method has been used for almost a century in a variety of extramarket valuation contexts (see review paper by Palmquist, 2005). The strength of the hedonic price method is that it is based on actual market data and not on hypothetical situations the direct methods for the evaluation of environmental amenities rely on.…”

Section: Empirical Modelmentioning

confidence: 99%

A room with a view—A valuation of the Mediterranean Sea view

Fleischer

2012

Tourism Management

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. www.econstor.eu 1 Terms of use: Documents in EconStor may A Room with a View -A Valuation of the Mediterranean Sea View AbstractAesthetic view is one of the ecosystem services of the Mediterranean Sea which can be estimated using price differences in the hotel market. Hotels situated on the Mediterranean Sea charge higher prices for a room with a sea view than for a room without it. The value of this view in 10 major Mediterranean regions was estimated in this paper using a hedonic price method. Data on 2,819 hotel rooms in high season and 2,406 rooms in the low season were collected from Booking.com and fixed effects regression was used to estimate the model coefficients. Hotel room prices were found to be higher by about 10% for a room with a view than for one with no view specification. No significant difference was found between regions or season. These findings lend support to the fact that the view of the Mediterranean is equally valued in all regions.

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Section: Empirical Modelmentioning

confidence: 99%

A room with a view—A valuation of the Mediterranean Sea view

Fleischer

2012

Tourism Management

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“…Hedonic pricing models are employed to estimate the impact of proximity to a refuge on housing values (see Palmquist, 2005and Taylor, 2003. The base econometric model regresses the natural log of housing value on the component characteristics of the housing, including neighborhood and location attributes:…”

Section: Empirical Strategy and Resultsmentioning

confidence: 99%

Amenity values of proximity to National Wildlife Refuges: An analysis of urban residential property values

Liu

Taylor

Hamilton

et al. 2013

Ecological Economics

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The National Wildlife Refuge system is a network of permanently protected open space encompassing more than 150 million acres across 50 states. Maintaining such a large network of permanently protected open space can put the federal government at odds with local communities when management priorities differ from the local community's objectives. This can be especially true in rapidly urbanizing areas where local jurisdictions voice concerns over the loss of property tax revenues and economic activity resulting from lands' protected status. While refuge recreation and ecosystem benefits have been identified, we know little about the property value benefits accruing to local homeowners. This research quantifies the property value benefits of all refuges on the east coast that are near urban areas. Our approach is made possible through access to confidential U.S. Census data identifying property values surrounding all refuges with high geographic resolution. Results from hedonic property value models suggest that the amenity values of refuges located near urbanized areas are capitalized into the value of homes in very close proximity, averaging $11 million per refuge. These capitalized values add directly to the local tax base and are considerable complements to the annual economic value created by the refuge system.

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“…In order to analyze the demand structure under these circumstances, we need to assess how the marginal WTP relates to income and other household characteristics. Next to the fact that this data is often unavailable at the desired level-of-detail, the estimation of the demand curve is hard due to identification and endogeneity problems (see Palmquist, 2003, andEkeland et al, 2002, for a more elaborate discussion on this issue.) It would be interested however to investigate how the WTP for noise reduction relates to income, other households characteristics and preferences for environmental quality.…”

Section: Discussionmentioning

confidence: 99%