Assessing the Economic Impact of Sports Facilities on Residential Property Values: A Spatial Hedonic Approach

Xia Feng and Brad Humphreys
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Xia Feng: University of Illinois at Urbana-Champaign

No 812, Working Papers from International Association of Sports Economists

Abstract: This paper estimates the intangible benefits of a two sports facilities in Columbus, Ohio on residential property values. We estimate a spatial hedonic model that avoids biased and inconsistent estimates in the presence of uncorrected spatial autocorrelation. The results suggest that the presence of sports facilities in Columbus have a significant positive distance-decaying effect on surrounding house values, supporting the idea that professional sports facilities generate important intangible benefits in the local economy. OLS overestimates the hedonic model parameters compared with Maximum Likelihood and Spatial Two Stage-Least-Squares.

Keywords: Economic Impact; Residential Property Values; Sports Facilities; Hedonic Model; Spatial Dependence; Spatial Hedonic Model (search for similar items in EconPapers)
JEL-codes: I18 L83 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-geo, nep-spo and nep-ure
Date: 2008-08
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Persistent link: http://EconPapers.repec.org/RePEc:spe:wpaper:0812

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