GIS-Based Estimation of Marginal Implicit Prices of Housing Amenities: The Case of High Ground and Stagnant Streams
We use GIS and econometric methods to estimate the marginal implicit values of environmental amenities associated with residential land parcels in the mountain town of Logan, Utah. Amenities include proximity to open spaces (such as parks, golf courses and lakes), commercial zones, major roads, streams, and general visibility of surrounding topography in the valley as determined by the elevation of the land parcel. The amenity value estimates are corrected for spatial autocorrelation. We find spatially dependent relationships between (1) a parcel’s value and its elevation, and (2) a parcel’s value and its adjacency to a stagnant stream. To our knowledge, this is the first hedonic study to assess the effect of stream stagnancy on land value.
“GIS-based Estimation of Marginal Implicit Prices of Housing Amenities: The Case of High Ground and Stagnant Streams.” Western Economic Association International 85th Annual Conference, Co-authored paper presented by graduate student Shibashis Muhkerjee, Portland, OR, June 30, 2010.