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Expert Opinion versus Transaction Evidence: Using the Reilly Index to Measure Open Space premiums in the Urban-Rural Fringe

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Author Info
Geerte Cotteleer
Tracy Stobbe
G. Cornelis van Kooten

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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. We 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, we take account of spatial autocorrelation and combine Method of Moment estimates of the spatial parameters in both equations.

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File URL: http://web.uvic.ca/~kooten/REPA/WorkingPaper2008-06.pdf
File Format: application/pdf
File Function: Final version, 2008
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Publisher Info
Paper provided by University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group in its series Working Papers with number 2008-06.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 33 pages
Date of creation: Apr 2008
Date of revision:
Handle: RePEc:rep:wpaper:2008-06

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Postal: P.O. Box 1700, STN CSC, Victoria, B.C., V8W 2Y2
Phone: (250) 721-8532
Fax: (250) 721-6214
Web page: http://www.repa.vkooten.net
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Related research
Keywords: Hedonic pricing models; spatial dependence; assessed property values; open space.;

Other versions of this item:

Find related papers by JEL classification:
R14 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Land Use Patterns
R52 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Land Use and Other Regulations
C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General
H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Kelejian, Harry H & Prucha, Ingmar R, 1999. "A Generalized Moments Estimator for the Autoregressive Parameter in a Spatial Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 509-33, May.
  2. Kelejian, Harry H. & Prucha, Ingmar R., 2004. "Estimation of simultaneous systems of spatially interrelated cross sectional equations," Journal of Econometrics, Elsevier, vol. 118(1-2), pages 27-50. [Downloadable!] (restricted)
  3. Geerte Cotteleer & Tracy Stobbe & G. Cornelis van Kooten, 2007. "Bayesian Model Averaging in the Context of Spatial Hedonic Pricing: An Application to Farmland Values," Working Papers 2007-07, University of Victoria, Department of Economics, Resource Economics and Policy Analysis Research Group. [Downloadable!]
  4. Robert W. Paterson & Kevin J. Boyle, 2002. "Out of Sight, Out of Mind? Using GIS to Incorporate Visibility in Hedonic Property Value Models," Land Economics, University of Wisconsin Press, vol. 78(3), pages 417-425. [Downloadable!] (restricted)
  5. Haixiao Huang & Gay Y. Miller & Bruce J. Sherrick & Miguel I. Gómez, 2006. "Factors Influencing Illinois Farmland Values," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 88(2), pages 458-470, 05. [Downloadable!] (restricted)
  6. Richard C. Ready & Charles W. Abdalla, 2005. "The Amenity and Disamenity Impacts of Agriculture: Estimates from a Hedonic Pricing Model," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 87(2), pages 314-326, 05. [Downloadable!] (restricted)
  7. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September. [Downloadable!] (restricted)
  8. Rasmussen, David W & Zuehlke, Thomas W, 1990. "On the Choice of Functional Form for Hedonic Price Functions," Applied Economics, Taylor and Francis Journals, vol. 22(4), pages 431-38, April.
  9. Kenneth Y. Chay & Michael Greenstone, 2005. "Does Air Quality Matter? Evidence from the Housing Market," Journal of Political Economy, University of Chicago Press, vol. 113(2), pages 376-424, April.
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  10. Elena G. Irwin, 2002. "The Effects of Open Space on Residential Property Values," Land Economics, University of Wisconsin Press, vol. 78(4), pages 465-480. [Downloadable!] (restricted)
  11. Cho, Seong-Hoon & Bowker, J.M. & Park, William M., 2006. "Measuring the Contribution of Water and Green Space Amenities to Housing Values: An Application and Comparison of Spatially Weighted Hedonic Models," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(03), December. [Downloadable!]
    Other versions:
  12. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb.. [Downloadable!] (restricted)
  13. Cropper, Maureen L & Deck, Leland B & McConnell, Kenneth E, 1988. "On the Choice of Functional Form for Hedonic Price Functions," The Review of Economics and Statistics, MIT Press, vol. 70(4), pages 668-75, November. [Downloadable!] (restricted)
  14. Bucholtz, Shawn & Geoghegan, Jacqueline & Lynch, Lori, 2003. "Capitalization of Open Spaces into Housing Values and the Residential Property Tax Revenue Impacts of Agricultural Easement Programs," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 32(1), April. [Downloadable!]
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