Measuring the Benefits of Neighbourhood Park Amenities: Application and Comparison of Spatial Hedonic Approaches

Hoshino, Tadao; Kuriyama, Koichi

doi:10.1007/s10640-009-9321-5

Cited by 54 publications

(38 citation statements)

References 29 publications

(31 reference statements)

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“…For the average size of 121 m 2 in the sample, an increase in one unit would raise the price by $4410. Other authors have included in their models variables that described the type of property (Moracho 2003; Sunak and Madlener 2012), although some other authors have preferred to analyse only a specific type of property to maintain consistency in the levels of variability across the sample (Tyrv€ ainen and Miettinen 2000; Hoshino and Kuriyama 2010). In this study, the marginal implicit price for a detached house was found to be $271,420, and that for a duplex or penthouse was $133,880.…”

Section: Hedonic Pricing Modelling Resultsmentioning

confidence: 99%

“…In this study, the marginal implicit price for a detached house was found to be $271,420, and that for a duplex or penthouse was $133,880. The age of the building was not included as an independent variable, as it has been in some other studies (Tyrv€ ainen and Miettinen 2000;Tapsuwan, Ingram, and Brennan 2007;Hoshino and Kuriyama 2010). However, in this study, two dummy variables that describe the state of the building ('property built in 2003 or after' and 'property renovated in 2003 or after') were used.…”

Section: Hedonic Pricing Modelling Resultsmentioning

confidence: 99%

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The value of rehabilitating urban rivers: the Yarqon River (Israel)

Garcia

2014

Journal of Environmental Economics and Policy

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Rehabilitating the good ecological status of rivers in urban catchments can represent a wise decision since it can enhance the provision of valuable ecosystem services, such as aesthetic appreciation. The higher prices of houses located closer to rivers are a reflection of the willingness of households to pay for access to such service. The main objective of this study was to apply a hedonic pricing analysis to estimate the benefits generated by this ecosystem service due to the rehabilitation of the Yarqon River in Israel. During the last two decades, several projects and actions, such as the discharge of tertiary-quality effluents, have increased the quantity and quality of the river's water and improved its ecological state. Using a sample of 883 houses in the Tel-Aviv Metropolitan Area and selecting a mixed log-level functional form (R 2 D 0.808), it was found that an increase of 1% in the distance to the Yarqon caused a 0.12% decrease in the price of a house. Finally, benefits are estimated and compared with the rehabilitation costs, showing that, even if no other ecosystem services are considered, the rehabilitation can prove to be beneficial to society.

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Section: Hedonic Pricing Modelling Resultsmentioning

confidence: 99%

Section: Hedonic Pricing Modelling Resultsmentioning

confidence: 99%

The value of rehabilitating urban rivers: the Yarqon River (Israel)

Garcia

2014

Journal of Environmental Economics and Policy

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“…Equipped with six schools and six parks, the TUSD is a university special zone featuring a low building coverage ratio, high greenness coverage, underground cables and telecommunications equipment, and an environment tuned for living. Previous studies have found that factors such as school quality (Ries and Somerville, 2010) and park size (Song and Knaap, 2004;Hoshino and Kuriyama, 2010) have significant influences on housing prices. In the case of implementing revitalization projects to rundown areas (to the south of the TUSD is Old Sanxia and to the north is Old Shulin), these projects fail inevitably because of the lack of public participation and explicit policy support (Leinberger, 2005).…”

Section: Hypothesismentioning

confidence: 99%

Housing Price Differences Under the Development of New Towns: Using Taiwan as an Example

Chen

2017

Asian Economic and Financial Review

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Article History JEL Classification G11,R10, R23, R58The purpose of this study is to examine the housing price differences between new towns and old urban areas. In addition, related issues such as spread options, the anchoring effect, and the ripple effect are discussed. By investigating the static spread, dynamic spread, and new town theory, we test seven hypotheses and verify most of these hypotheses. Furthermore, the key causes of the spread are identified: For example, spread options for different residence types depend on risk attitudes; and the ripple effect and anchoring effect of neighboring areas are determined by regional compactness and market transparency. The findings and relevant factors addressed in study can serve as a reference for investment decision making as well as for governments to implement projects of new town development or old urban area revitalization.Contribution/ Originality: The paper's primary contribution is finding that the key factors cause housing prices differences between new towns and old urban areas. It can serve as a reference for investment decision making as well as for governments to implement projects of new town development or old urban area revitalization.

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“…A growing number of studies in the urban and real estate economics literature has examined the pricing effects of urban amenities (e.g., Gibbons et al 2014;Ahlfeldt and Maennig 2010;Hoshino and Kuriyama 2009;Anderson and West 2006;Dehring and Dunse 2006). In these studies, the implicit values of urban amenities are revealed from the observed housing market using the hedonic pricing model developed by Rosen (1974).…”

Section: Literature Reviewmentioning

confidence: 99%

The Pricing Effects of Open Space Amenities

Fan

Hansz

Yang

2015

J Real Estate Finan Econ

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A spatial Durbin model (SDM) is developed to estimate the open space proximity values in Fresno-Clovis metropolitan area in Central California circa 2005 to 2012, a time period covering a full market cycle with distinctive boom, bust, and recovery market phases. By controlling for distressed market conditions (vacant, foreclosure, and short-sale transactions) and spillover pricing effects, we find significant but heterogeneous values for proximity to five types of open space amenities. Furthermore, proximity values for parks and golf courses are found to drop by more than 20 % in the bust period relative to the boom period. Results show that failing to capture distressed market conditions and market phases, when the housing market is out of equilibrium, leads to biased results. In addition, our findings suggest that ignoring spatial dependence and spillover pricing effects presents a potential bias in estimating open space amenity values. The SDM, which considers spatial dependence and spillovers at a finer scale in the neighborhood, outperforms region fixed effects models when spatial spillovers are significant.

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Measuring the Benefits of Neighbourhood Park Amenities: Application and Comparison of Spatial Hedonic Approaches

Abstract: Hedonic approach, Kriging, Spatial autocorrelation, Spatial regression models, Urban parks,

Cited by 54 publications

References 29 publications

The value of rehabilitating urban rivers: the Yarqon River (Israel)

The value of rehabilitating urban rivers: the Yarqon River (Israel)

Housing Price Differences Under the Development of New Towns: Using Taiwan as an Example

The Pricing Effects of Open Space Amenities

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