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Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially Weighted Hedonic Models AgEcon
Cho, Seong-Hoon; Bowker, James Michael; Park, William M..
This study estimates the influence of proximity to water bodies and park amenities on residential housing values in Knox County, Tennessee, using the hedonic price approach. Values for proximity to water bodies and parks are first estimated globally with a standard ordinary least squares (OLS) model. A locally weighted regression model is then employed to investigate spatial nonstationarity and generate local estimates for individual sources of each amenity. The local model reveals some important local differences in the effects of proximity to water bodies and parks on housing price.
Tipo: Journal Article Palavras-chave: Hedonic model; Locally weighted regression; Park; Spatial; Water bodies; Resource /Energy Economics and Policy.
Ano: 2006 URL: http://purl.umn.edu/8630
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Spatial Analysis of Rural Economic Development Using a Locally Weighted Regression Model AgEcon
Cho, Seong-Hoon; Kim, Seung Gyu; Clark, Christopher D.; Park, William M..
This study uses locally weighted regression to identify county-level characteristics that serve as drivers of creative employment throughout the southern United States. We found that higher per capita income, greater infrastructure investments, and the rural nature of a county tended to promote creative employment density, while higher scores on a natural amenity index had the opposite effect. We were also able to identify and map clusters of rural counties where the marginal effects of these variables on creative employment density were greatest. These findings should help rural communities to promote creative employment growth as a means of furthering rural economic development.
Tipo: Journal Article Palavras-chave: Creative class; Locally weighted regression; Natural amenities; Rural economic development; Community/Rural/Urban Development.
Ano: 2007 URL: http://purl.umn.edu/10163
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How Do Homebuyers Value Different Types of Green Space? AgEcon
Bark, Rosalind H.; Osgood, Daniel E.; Colby, Bonnie G.; Halper, Eve B..
It is important to understand tradeoffs in preferences for natural and constructed green space in semi-arid urban areas because these lands compete for scarce water resources. We perform a hedonic study using high resolution, remotely-sensed vegetation indices and house sales records. We find that homebuyers in the study area prefer greener lots, greener neighborhoods, and greener nearby riparian corridors, and they pay premiums for proximity to green space amenities. The findings have fundamental implications for the efficient allocation of limited water supplies between different types of green space and for native vegetation conservation in semi-arid metropolitan areas.
Tipo: Journal Article Palavras-chave: Hedonic model; Locally weighted regression; Spatial; Open space; Golf course; Park; Riparian; Consumer/Household Economics; Land Economics/Use.
Ano: 2011 URL: http://purl.umn.edu/117210
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