Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially-weighted Hedonic Models

Seong-Hoon Cho (), James Michael Bowker and William M. Park

No 21242, 2006 Annual meeting, July 23-26, Long Beach, CA from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This study estimates the influence of proximity to water bodies and park amenities on residential housing values in Knox County, Tennessee, using the hedonic price approach. Values for proximity to water bodies and parks are first estimated globally with a standard ordinary least square (OLS) model. A locally weighted regression model is then employed to investigate spatial non-stationarity and generate local estimates for individual sources of each amenity. The local model is able to capture the variability in the quality of water bodies and parks across the county, something a conventional hedonic model using OLS cannot do.

Keywords: Land; Economics/Use (search for similar items in EconPapers)
Pages: 42
Date: 2006
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Citations: View citations in EconPapers (55)

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Journal Article: Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially Weighted Hedonic Models (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea06:21242

DOI: 10.22004/ag.econ.21242

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