Historic amenities, income and sorting of households

Hans Koster, Piet Rietveld and Jos van Ommeren ()

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: We test the impact of historic amenities on house prices and sorting of households within cities. Conservation area boundaries enable us to employ a semiparametric regression-discontinuity approach to measure the impact of historic amenities. The approach allows for household-specific preferences. Conditional on neighbour attributes, the price difference at the conservation boundary is about 3 percent. Internal historic amenities are also important, as listed houses are about 6 percent more expensive. It is shown that rich households sort themselves in conservation areas and in listed buildings, because they have a higher willingness to pay for historic amenities. The results contribute to an explanation for the substantial spatial income differences within cities.

Keywords: historic amenities; sorting; conservation areas; semiparametric regression-discontinuity design; hedonic price method (search for similar items in EconPapers)
JEL-codes: R14 R21 R31 R38 (search for similar items in EconPapers)
Pages: 49 pages
Date: 2013-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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http://eprints.lse.ac.uk/58433/ Open access version. (application/pdf)

Related works:
Journal Article: Historic amenities, income and sorting of households (2016)
Working Paper: Historic Amenities, Income and Sorting of Households (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:58433

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