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Quality of Life in Buenos Aires Neighborhoods: Hedonic Price Regressions and the Life Satisfaction Approach

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Author Info
Guillermo Cruces
Andres Ham
Martin Tetaz

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Abstract

This paper studies quality of life in urban neighborhoods in the Buenos Aires Metropolitan Area. First, hedonic price regressions for residential prices are augmented with neighborhood characteristics, based on a real estate database with indicators on each property’s distance to public facilities and amenities, and on a smaller survey with greater detail. Second, following recent developments in the field of happiness research, the document assesses the importance of different neighborhood characteristics on quality of life by interacting objective and subjective indicators. Indices of quality of life related to local amenities are derived for the different neighborhoods for both the hedonic regression and life satisfaction approaches. The results indicate a strong but not perfect correlation between real estate prices, income levels and neighborhood characteristics, suggesting scope for welfare-improving policy interventions.

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Paper provided by Inter-American Development Bank, Research Department in its series RES Working Papers with number 3260.

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Date of creation: Sep 2008
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Handle: RePEc:idb:wpaper:3260

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