Valuing access to urban greenspace using non-linear distance decay in hedonic property pricing
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| Název: | Valuing access to urban greenspace using non-linear distance decay in hedonic property pricing |
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| Autoři: | Łaszkiewicz, Edyta, Heyman, Axel, 1985, Chen, Xianwen, Cimburova, Zofie, Nowell, Megan, Barton, David N. |
| Zdroj: | Ecosystem Services. 53 |
| Témata: | Urban planning, Urban ecosystem accounting, Hedonic pricing method (HPM), Urban ecosystem services valuation, Penalized spline spatial error model (PS-SEM), Environmental justice |
| Popis: | Modelling walking distance enables the observation of non-linearities in hedonic property pricing of accessibility to greenspace. We test a penalized spline spatial error model (PS-SEM), which has two distinctive features. First, the PS-SEM controls for the presence of a spatially autocorrelated error term. Second, the PS-SEM allows for continuous non-linear distance decay of the property price premium as a function of walking distance to greenspaces. As a result, compared with traditional spatial econometric methods, the PS-SEM has the advantage that data determines the functional form of the distance decay of the implicit price for greenspace accessibility. Our PS-SEM results from Oslo, Norway, suggest that the implicit price for greenspace access is highly non-linear in walking distance, with the functional form varying for different types of greenspaces. Our results caution against using simple linear distances and assumptions of log or stepwise buffer-based distance decay in property prices relative to pedestrian network distance to urban amenities. The observed heterogeneity in the implicit property prices for walking distance to greenspace also provides a general caution against using non-spatial hedonic pricing models when aggregating values of greenspace amenities for policy analysis or urban ecosystem accounting purposes. |
| Popis souboru: | electronic |
| Přístupová URL adresa: | https://research.chalmers.se/publication/528221 https://research.chalmers.se/publication/528221/file/528221_Fulltext.pdf |
| Databáze: | SwePub |
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Nájsť tento článok vo Web of Science | Abstrakt: | Modelling walking distance enables the observation of non-linearities in hedonic property pricing of accessibility to greenspace. We test a penalized spline spatial error model (PS-SEM), which has two distinctive features. First, the PS-SEM controls for the presence of a spatially autocorrelated error term. Second, the PS-SEM allows for continuous non-linear distance decay of the property price premium as a function of walking distance to greenspaces. As a result, compared with traditional spatial econometric methods, the PS-SEM has the advantage that data determines the functional form of the distance decay of the implicit price for greenspace accessibility. Our PS-SEM results from Oslo, Norway, suggest that the implicit price for greenspace access is highly non-linear in walking distance, with the functional form varying for different types of greenspaces. Our results caution against using simple linear distances and assumptions of log or stepwise buffer-based distance decay in property prices relative to pedestrian network distance to urban amenities. The observed heterogeneity in the implicit property prices for walking distance to greenspace also provides a general caution against using non-spatial hedonic pricing models when aggregating values of greenspace amenities for policy analysis or urban ecosystem accounting purposes. |
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| ISSN: | 22120416 |
| DOI: | 10.1016/j.ecoser.2021.101394 |