Valuing the built environment: GIS and house price analysis
This book critically assesses the hedonic pricing technique as a method of imputing monetary values for the implicit attributes of housing. The hedonic technique is widely used, particularly in the US, but increasingly in Europe and Asia and has proved to yield important results and influence cost-benefit analysis. Scott Orford breaks new ground in this volume by exploring hedonic house price models within a geographical rather than purely economic context. He reevaluates the microeconomic theory of housing markets and concludes that only by treating housing market dynamics as inherently spatial can empirical results conform to the theory that underpins them. He also makes conclusions with respect to locational externalities, which have important implications as to how the built environment is valued.
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The Hedonic House Price Function
Housing Attributes and Spatial Data
Constructing a ContextSensitive Urban GIS
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2*(log-likelihood accessibility Adamsdown ADDRESS-POINT average Bute Park Butetown Cathays city centre Coefficient Standard Error Community Level Constant context Cyncoed detached housing distance decay Error Community Level expanded externality effects Figure floor area functional form Gabalfa geographical Grangetown HCS Area Level heavy industrial hedonic house price hedonic model hedonic price function Hence heteroscedasticity households housing attributes housing stock influence Inner Area interactions level locational attributes Lisvane Llandaff North Llanishen Llanrumney locational externalities measures multi-level specification multicollinearity negative externalities neighbourhood quality non-residential landuse open space P-value Parameter Coefficient Standard Plasnewydd Predictor Coefficient Standard price of floor price surface problems Property Level Constant property prices proximity Radyr RANDOM Parameter Coefficient random terms Rhiwbina Roath School Catchment significant social class socio-economic spatial analysis spatial autocorrelation spatial data Splott Standard Error Community Street Level Constant structural attributes submarkets suggests supply and demand Table urban variables variance vary whilst Whitchurch & Tongwynlais