Environmental Spillovers and their Impacts on Housing Prices: A Spatial Hedonic Analysis
Masha Maslianskaïa-Pautrel () and
Revue d'économie politique, 2016, vol. 126, issue 5, 921-945
This paper investigates the spatial dimension of environmental factors on housing prices. We develop spatial hedonic models to estimate the implicit prices of various environmental attributes. The spatial dimension can be interpreted in terms of local or global spillovers. We conduct an empirical study in the Loire estuary (France). We focus on natural areas and more artificialized ones (ocean frontage, wetlands, rivers, and noisy roads). We show that, depending on the spatial model used, the implicit price is more than just the estimated coefficient value and combines both a feedback effect and a propagation effect.
Keywords: Valuation of Environmental Effects; Housing Demand; Spatial Hedonic Models; Spatial Spillovers (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:cai:repdal:redp_265_0921
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