XML FeedsExpert Opinion versus Transaction Evidence: Using the Reilly Index to Measure Open Space premiums in the Urban-Rural Fringe
By CostBenefit on Jul 3, 2008 | In Academic Study/Journal Article, Preservation & Open Space, Agriculture, Forestry and Food, Canada, Computer Software/Database/Model, Hedonic Analysis, Environmental Economics / Ecological Economics, Costs and Benefits, Recreation | Send feedback »
Link: http://web.uvic.ca/~kooten/REPA/WorkingPaper2008-06.pdf
Abstract: 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. Geerte Cotteleer, Tracy Stobbe and G. Cornelis van Kooten 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, the authors 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 and open space.
by Geerte Cotteleer 1, Tracy Stobbe 2 and G. Cornelis van Kooten 3
1. Agricultural Economics and Rural Policy Group, Department of Social Sciences, Wageningen University and Research Centre
2. School of Business, Trinity Western University
3. Department of Economics, University of Victoria
University of Victoria; Department of Economics; REPA Resource Economics & Policy Analysis Research Group; PO Box 1700 STN CSC Victoria, BC V8W 2Y2 CANADA; Telephone: 250.472.4415, Fax: 250.721.6214; www.vkooten.net/repa
Working Paper 2008-06
http://web.uvic.ca/~kooten/REPA/WorkingPaper2008-06.pdf
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