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Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois

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  • Gabriel M. Ahfeldt
  • Alexandra Mastro

Abstract

This study investigates the willingness of homebuyers to pay for co-location with iconic architecture. Oak Park, Illinois was chosen as the study area given its unique claim of having 24 residential structures designed by world-famous American architect Frank Lloyd Wright, in addition to dozens of other designated landmarks and three preservation districts. This study adds to the limited body of existing literature on the external price effects of architectural design and is unique in its focus on residential architecture. The results show that an external premium to iconic architecture does exist and that the effect steeply decays with distance.

Suggested Citation

  • Gabriel M. Ahfeldt & Alexandra Mastro, 2011. "Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois," SERC Discussion Papers 0084, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:sercdp:0084
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    References listed on IDEAS

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    More about this item

    Keywords

    Frank Lloyd Wright; hedonic analysis; iconic architecture; property prices;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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    This paper has been announced in the following NEP Reports:

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