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Valuing Public Goods, the Time to Capitalization, and Network Externalities: A Spatial Hedonic Regression Analysis

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  • Adrienne Ohler
  • German Blanco

Abstract

Valuation studies of public goods, such as a bike trail, typically fail to consider the time to capitalization. Expanding upon previous hedonic housing models, we show that the years since development of the good is an important factor in estimating its value. Using spatial analysis for housing in Bloomington, Illinois, We find the development of a bike trail has an initial negative impact on prices, but over time the value of the trail turns positive, suggesting network effects and information costs impact valuation estimates. Additional analysis finds that networked trail access has a greater impact than nonnetworked trail access.

Suggested Citation

  • Adrienne Ohler & German Blanco, 2017. "Valuing Public Goods, the Time to Capitalization, and Network Externalities: A Spatial Hedonic Regression Analysis," Land Economics, University of Wisconsin Press, vol. 93(1), pages 127-144.
    • Handle: RePEc:uwp:landec:v:93:y:2017:i:1:p:127-144
    Note: DOI: 10.3368/le.93.1.127
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    File URL: http://le.uwpress.org/cgi/reprint/93/1/127
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    Cited by:

    1. Emma McDougall & Brian Doucet, 2022. "Polarized Paths: ‘Selling’ Cycling in City and Suburb," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 113(2), pages 179-193, April.

    More about this item

    JEL classification:

    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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