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Testing the Temporal Stability of Accessibility Value in Residential Hedonic Prices

Marius Thériault and François Des Rosiers and Jean Dubé
Authors registered in the RePEc Author Service: Jean Dubé

SCIENZE REGIONALI, 2007, vol. 2007/3, issue 3, 5-46

Abstract: Testing the Temporal Stability of Accessibility Value in Residential Hedonic Prices (by Marius Thériault, François Des Rosiers and Jean Dubé) - ABSTRACT: Bridging the gap between supply-driven and demand-driven accessibility to urban amenities, this paper assesses changes in the valuation of accessibility to labour markets, schools and shopping outlets. Accessibility indexes combine travel time, distribution of activity places and willingness to travel, summarizing opportunities from each neighbourhood. They are inserted simultaneously into a hedonic residential price model pertaining to properties sold in Quebec City in 1986, 1991 and 1996. While isolating the evolution of cross-effects of centrality and accessibility, results suggest that, when buying their homes, households put more emphasis on access to schools than to the labour market, which, in turn, outclasses shopping. Better understanding how accessibility is valued provides guidelines for decision making. Keywords: Hedonic modelling, Accessibility, Urban centrality, Transportation, House valuation, Urban amenities.

Date: 2007
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