EXPERT OPINION VERSUS TRANSACTION EVIDENCE: USING THE REILLY INDEX TO MEASURE OPEN SPACE PREMIUMS IN THE URBAN-RURAL FRINGE

Geerte Cotteleer, Tracy Stobbe and Gerrit Cornelis van Kooten

No 6705, 107th Seminar, January 30-February 1, 2008, Sevilla, Spain from European Association of Agricultural Economists

Abstract: Due to economic and population growth farmland and to a lesser extend other undeveloped areas are under pressure in the urban-rural fringe in British Columbia, Canada. The objectives of this paper are to determine if residential property values near Victoria, BC include open-space premiums for farmland or parks or both, and to determine if using assessed values instead of market prices of the property result in the same findings. We estimate a SUR (Seemingly Unrelated Regression) model with two hedonic pricing equations, one with actual market values as the dependent variable and one with assessed property values, and compare the resulting estimates of shadow prices for open space amenities. Furthermore, we take account of spatial autocorrelation and combine Method of Moment estimates of the spatial parameters in both equations.

Keywords: Hedonic pricing models; Assessed property values; Value of open space; Geographical Information System; Reilly; GMM; Spatial dependence; Community/Rural/Urban Development; Land Economics/Use; Research Methods/ Statistical Methods (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ure
Date: 2008
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Related works:
Working Paper: Expert Opinion versus Transaction Evidence: Using the Reilly Index to Measure Open Space premiums in the Urban-Rural Fringe (2008)
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