SPATIAL HEDONICS AND THE WILLINGNESS TO PAY FOR RESIDENTIAL AMENITIES*

Kenneth A. Small · Seiji S.C. Steimetz

79 citations0/0 files storedJournal of Regional Science

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Housing Market and Economics Economic and Environmental Valuation Spatial and Panel Data Analysis

Abstract

ABSTRACT We investigate the role of spatial multipliers when using spatial‐lag hedonic models to measure the benefits of residential amenity improvements. Such benefits are commonly measured using the product of the coefficient of the amenity in question and a spatial multiplier. We show this is correct only when the spatial spillovers transmitted through the multiplier are strictly technological. If they are instead strictly pecuniary, then benefits are fully measured using the coefficient with no spatial multiplier. In either case, or in intermediate cases where both types of spillovers exist, a spatial‐lag specification is required to obtain valid benefits measures.

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References

1974Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition 1996Geographically Weighted Regression: A Method for Exploring Spatial Nonstationarity 2014The Measurement of Environmental and Resource Values 1998A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances 1988The Efficiency of the Market for Single-Family Homes 1998Geographically Weighted Regression 1939Welfare Propositions of Economics and Interpersonal Comparisons of Utility 1993Budget spillovers and fiscal policy interdependence

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