Expert Opinion versus Transaction Evidence: Using the Reilly Index to Measure Open Space premiums in the Urban-Rural Fringe
Tracy Stobbe and
Gerrit van Kooten
No 2008-06, Working Papers from University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group
Due to economic and population growth farmland and to a lesser extend other undeveloped areas are under pressure in the urban-rural fringe in British Columbia, Canada. The objectives of this paper are to determine if residential property values near Victoria, BC include open-space premiums for farmland, parks or golf courses, and to determine if using assessed values instead of market prices of the property result in the same findings. We estimate a Seemingly Unrelated Regression (SUR) model with two hedonic pricing equations, one with actual market values as the dependent variable and one with assessed property values, and compare the resulting estimates of shadow prices for open space amenities. Furthermore, we take account of spatial autocorrelation and combine Method of Moment estimates of the spatial parameters in both equations.
Keywords: Hedonic pricing models; spatial dependence; assessed property values; open space. (search for similar items in EconPapers)
JEL-codes: C21 H23 Q20 R14 R52 (search for similar items in EconPapers)
Pages: 33 pages
New Economics Papers: this item is included in nep-geo and nep-ure
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https://web.uvic.ca/~repa/publications/REPA%20work ... kingPaper2008-06.pdf Final version, 2008 (application/pdf)
Working Paper: EXPERT OPINION VERSUS TRANSACTION EVIDENCE: USING THE REILLY INDEX TO MEASURE OPEN SPACE PREMIUMS IN THE URBAN-RURAL FRINGE (2008)
Working Paper: Expert Opinion versus Transaction Evidence: Using the Reilly Index to Measure Open Space Premiums in the Urban-Rural Fringe (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:rep:wpaper:2008-06
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