| Titre : | The value of the greenbelt in Vienna: a spatial hedonic analysis |
| Auteurs : | Shanaka Herath ; Johanna Choumert-Nkolo ; Gunther Maier |
| Type de document : | Working Paper |
| Editeur : | Clermont-Ferrand : Centre d'études et de recherches sur le développement international (Cerdi), 2014 |
| Collection : | Études et Documents Cerdi, ISSN 2114-7957, num. 02 |
| Format : | 35 p. |
| Langues: | Anglais |
| Catégories : |
[Eurovoc] DROIT > droit civil > propriété des biens > propriété immobilière [Eurovoc] ENVIRONNEMENT > politique de l'environnement [Eurovoc] GÉOGRAPHIE > Europe > Europe occidentale > Autriche [Eurovoc] QUESTIONS SOCIALES > urbanisme et construction > urbanisme > espace vert [JEL] R - Économie urbaine, rurale et régionale > R2 - Analyse des ménages > R21 - Demande de logements |
| Tags : | Greenbelt ; open space ; urban amenities ; hedonic price valuation ; spatial econometrics ; spatial Durbin model |
| Résumé : | This paper employs the hedonic price method (HPM) to examine whether the implicit value of the greenbelt is capitalized into apartment prices in the city of Vienna, Austria. We improve the traditional model using spatial econometric techniques and compare estimates from different spatial models, namely the spatial lag model (SAR), the spatial error model (SEM) and the spatial Durbin model (SDM). While our use of spatial models addresses the common problem of omitted variable bias, the SDM specifically allows for controlling possible nearby proximity effects (i.e., small-scale neighbourhood) that are rarely included in this type of analyses. Findings indicate that distance from the greenbelt is important in explaining apartment prices in Vienna: while the CBD exerts a centripetal force, the greenbelt, on the contrary, exerts a centrifugal force. The SDM is found to be the best performing model indicating existence of small-scale neighbourhood effects and presenting a solid case for consideration of this model in valuation of green amenities. |
| Axe de recherche : | Trajectoires de développement durable |
| En ligne : | https://halshs.archives-ouvertes.fr/halshs-00939270 |
| Edition suivante : |
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