Home Prices and Urban Corridors
No 207607, 50th Annual Transportation Research Forum, Portland, Oregon, March 16-18, 2009 from Transportation Research Forum
This paper describes a semiparametric procedure to recover willingness to pay for housing and neighborhood attributes using a hedonic pricing model that incorporates spatial autocorrelation. To model taste heterogeneity, I estimate consumer preferences from parcel-level attributes in the form of household-specific random utility coefficients. The application here provides a way to reconcile home prices with the synergy created by the spatial dependence of residential homes and urban corridors. Specifically, the respective accessibility and nuisance effects of a commercial, an industrial/ transportation, a recreational corridor, and a highway, in Minneapolis are estimated. Ultimately, this paper addresses the question of how different types of households value different local economic development and housing attributes.
Keywords: Consumer/Household Economics; Research Methods/ Statistical Methods; Resource /Energy Economics and Policy (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ndtr09:207607
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