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Measuring the contribution of water and green space amenities to housing values: an application and comparison of spatially weighted hedonic modelsAuthor(s): Seong-Hoon Cho; J. Michael Bowker; William M. Park
Source: Journal of Agricultural and Resource Economics, Vol. 31(3): 485-507
Publication Series: Miscellaneous Publication
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DescriptionThis 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 squares (OLS) model. A locally weighted regression model is then employed to investigate spatial nonstationarity and generate local estimates for individual sources of each amenity. The local model reveals some important local differences in the effects of proximity to water bodies and parks on housing price.
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CitationCho, Seong-Hoon; Bowker, J. Michael; Park, William M. 2006. Measuring the contribution of water and green space amenities to housing values: an application and comparison of spatially weighted hedonic models. Journal of Agricultural and Resource Economics, Vol. 31(3): 485-507
Keywordshedonic model, locally weighted regression, park, spatial, water bodies
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