The Experts below are selected from a list of 10818 Experts worldwide ranked by ideXlab platform
Felix Schlapfer - One of the best experts on this subject based on the ideXlab platform.
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valuation of landscape amenities a Hedonic Pricing analysis of housing rents in urban suburban and periurban switzerland
Landscape and Urban Planning, 2015Co-Authors: Felix Schlapfer, Fabian Waltert, Lorena Segura, Felix KienastAbstract:Abstract The Hedonic Pricing approach has been successfully applied to estimate the economic value of environmental amenities in urban settings, but the results for landscape variables remain relatively inconsistent across studies. Here, we use national-level data and an existing typology of communities to examine how land use and environmental amenities and disamenities affect rental prices across urban, suburban, periurban, and affluent communities in Switzerland. To make the analysis and the results as transparent as possible we examine largely a priori model specifications, and we systematically report and discuss the patterns of correlation among explanatory variables. Two-level models show that about 70 percent of the price variation is found at the apartment level and about 30 percent at the community level. Models for the different community types suggest that, although we include a sophisticated variable for central services, the centrality of location is not fully controlled in our models and thus picked up by correlated peripheral and central amenities such as open space, forest or urban parks. Analysis of these correlations allows us to qualify our results and present a revised set of relatively reliable estimates. Positive effects on rental prices are identified for views, various types of recreational infrastructure and vicinity of lakes, wetlands, undisturbed areas, nationally significant landscapes and cultural sites. Negative effects are found for several disamenities including road noise, railway noise, industries and power lines. We suggest that systematic hypothesis testing and reporting of correlations may contribute to consistent explanatory patterns in Hedonic Pricing estimates for landscape amenities.
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landscape amenities and local development a review of migration regional economic and Hedonic Pricing studies
Ecological Economics, 2010Co-Authors: Felix Schlapfer, Fabian WaltertAbstract:With rapid urban expansion and loss of open space, attractive local landscapes will continue to gain importance in location decisions and on political agendas. The present study reviews the evidence on the local economic role of landscape amenities from two major strands of empirical research, migration and regional economic models, and Hedonic Pricing models. Following common amenity definitions we identify 71 relevant peer-reviewed studies and systematically assess the reported effects of the landscape amenity variables. The migration and regional economic studies suggest that migrants are attracted by amenities nearly as often as by low taxes. Reported effects of amenities on income and employment are less consistent. The Hedonic studies suggest that nature reserves and land cover diversity have mostly, open space and forest often, and agricultural land rarely positive effects on housing prices. Studies at larger geographic scales and studies involving urban areas were more likely to identify significant amenity effects. Some limitations of the evidence may be overcome with better datasets and modeling approaches. However, in line with other recent work, the limitations also highlight the need for complementary information from the analysis of political preferences for land-use management.
Jakub Kronenberg - One of the best experts on this subject based on the ideXlab platform.
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valuing individual characteristics and the multifunctionality of urban green spaces the integration of sociotope mapping and Hedonic Pricing
PLOS ONE, 2019Co-Authors: Piotr Czembrowski, Jakub Kronenberg, Edyta łaszkiewicz, Gustav Engstrom, Erik AnderssonAbstract:We categorize Stockholm’s urban green spaces according to the use values and social meanings they support, based on a sociotope mapping, and estimate their impact on property prices with a Hedonic Pricing model. The approach allows us to identify the most and least desired green space characteristics (attributes) and to assess the willingness to pay for the multifunctionality of green spaces. To do this, we test the following hypotheses, each with a separate Hedonic Pricing model: the proximity of all green space characteristics increases the property prices, but the specific monetary value of these characteristics differs; the multifunctionality of green spaces is well recognized and highly valued by real estate buyers. We find partial support for the first hypothesis: the green space attributes of “aesthetics”, “social activity” and “nature” seem to be desired by real estate buyers, whereas “physical activity” and “play” seem not to be desired. We also find support for the second hypothesis: the higher the number of characteristics an urban green space has, the stronger its impact on property prices. This study furthers the discussion on the economic value of urban green spaces by assigning monetary value to their perceived character and use values. In doing so, it highlights the need to understand green spaces both as ecological features and social constructs.
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integrating non monetary and monetary valuation methods softgis and Hedonic Pricing
Ecological Economics, 2016Co-Authors: Piotr Czembrowski, Jakub Kronenberg, Michal CzepkiewiczAbstract:In order to address the increasing need for improved linkages between different value perspectives, we examine the possibility of integrating two valuation methods: the non-monetary softGIS and monetary Hedonic Pricing. We find them compatible and their output more comprehensive compared to traditional valuation based on one value perspective. The public participatory softGIS survey delivers information on the perception of urban green spaces, which we use as a criterion for dividing green space categories in a Hedonic Pricing model. We find that the perception expressed in the survey is generally consistent with the impact on property prices in the case of formal green spaces. However, it is inconsistent when it comes to informal ones: places identified as lacking well-maintained greenery exert a positive influence on property prices, while positively evaluated informal green spaces had no impact at all. We identify the latter as a typical trade-off between different value perspectives: informal green spaces are perceived differently following a monetary and a non-monetary approach.
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Hedonic Pricing and different urban green space types and sizes insights into the discussion on valuing ecosystem services
Landscape and Urban Planning, 2016Co-Authors: Piotr Czembrowski, Jakub KronenbergAbstract:Abstract In order to differentiate the potential key benefits associated with different urban green spaces, we divided green spaces into nine categories, depending on their type and size. Additionally, we used the percentage of green space in a 500 m radius to represent the general ambient condition. Our sample consists of 9346 apartment sales' transactions that took place in Lodz, Poland in 2011–2013. The stepwise regression reduced the number of variables from the initial 48 to 24 in the standard model, and to 26 in the fixed effects model (considering the effects of different districts). The impacts of various green space categories were consistent in both models: the largest forest and large parks were the most important and, together with small forests and the percentage of green space in a 500 m radius, positively influenced apartment prices. Cemeteries had a negative impact on apartment prices. Our results show that people do value nature, but unfortunately we cannot determine for which specific reasons. Hedonic Pricing seems to be too general for that purpose, in that it only depicts the impacts of the best-known green spaces and the general ambient condition. In this way, our findings contribute to the broader discussion on applying Hedonic Pricing to the valuation of ecosystem services.
Piotr Czembrowski - One of the best experts on this subject based on the ideXlab platform.
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valuing individual characteristics and the multifunctionality of urban green spaces the integration of sociotope mapping and Hedonic Pricing
PLOS ONE, 2019Co-Authors: Piotr Czembrowski, Jakub Kronenberg, Edyta łaszkiewicz, Gustav Engstrom, Erik AnderssonAbstract:We categorize Stockholm’s urban green spaces according to the use values and social meanings they support, based on a sociotope mapping, and estimate their impact on property prices with a Hedonic Pricing model. The approach allows us to identify the most and least desired green space characteristics (attributes) and to assess the willingness to pay for the multifunctionality of green spaces. To do this, we test the following hypotheses, each with a separate Hedonic Pricing model: the proximity of all green space characteristics increases the property prices, but the specific monetary value of these characteristics differs; the multifunctionality of green spaces is well recognized and highly valued by real estate buyers. We find partial support for the first hypothesis: the green space attributes of “aesthetics”, “social activity” and “nature” seem to be desired by real estate buyers, whereas “physical activity” and “play” seem not to be desired. We also find support for the second hypothesis: the higher the number of characteristics an urban green space has, the stronger its impact on property prices. This study furthers the discussion on the economic value of urban green spaces by assigning monetary value to their perceived character and use values. In doing so, it highlights the need to understand green spaces both as ecological features and social constructs.
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integrating non monetary and monetary valuation methods softgis and Hedonic Pricing
Ecological Economics, 2016Co-Authors: Piotr Czembrowski, Jakub Kronenberg, Michal CzepkiewiczAbstract:In order to address the increasing need for improved linkages between different value perspectives, we examine the possibility of integrating two valuation methods: the non-monetary softGIS and monetary Hedonic Pricing. We find them compatible and their output more comprehensive compared to traditional valuation based on one value perspective. The public participatory softGIS survey delivers information on the perception of urban green spaces, which we use as a criterion for dividing green space categories in a Hedonic Pricing model. We find that the perception expressed in the survey is generally consistent with the impact on property prices in the case of formal green spaces. However, it is inconsistent when it comes to informal ones: places identified as lacking well-maintained greenery exert a positive influence on property prices, while positively evaluated informal green spaces had no impact at all. We identify the latter as a typical trade-off between different value perspectives: informal green spaces are perceived differently following a monetary and a non-monetary approach.
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Hedonic Pricing and different urban green space types and sizes insights into the discussion on valuing ecosystem services
Landscape and Urban Planning, 2016Co-Authors: Piotr Czembrowski, Jakub KronenbergAbstract:Abstract In order to differentiate the potential key benefits associated with different urban green spaces, we divided green spaces into nine categories, depending on their type and size. Additionally, we used the percentage of green space in a 500 m radius to represent the general ambient condition. Our sample consists of 9346 apartment sales' transactions that took place in Lodz, Poland in 2011–2013. The stepwise regression reduced the number of variables from the initial 48 to 24 in the standard model, and to 26 in the fixed effects model (considering the effects of different districts). The impacts of various green space categories were consistent in both models: the largest forest and large parks were the most important and, together with small forests and the percentage of green space in a 500 m radius, positively influenced apartment prices. Cemeteries had a negative impact on apartment prices. Our results show that people do value nature, but unfortunately we cannot determine for which specific reasons. Hedonic Pricing seems to be too general for that purpose, in that it only depicts the impacts of the best-known green spaces and the general ambient condition. In this way, our findings contribute to the broader discussion on applying Hedonic Pricing to the valuation of ecosystem services.
Fabian Waltert - One of the best experts on this subject based on the ideXlab platform.
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valuation of landscape amenities a Hedonic Pricing analysis of housing rents in urban suburban and periurban switzerland
Landscape and Urban Planning, 2015Co-Authors: Felix Schlapfer, Fabian Waltert, Lorena Segura, Felix KienastAbstract:Abstract The Hedonic Pricing approach has been successfully applied to estimate the economic value of environmental amenities in urban settings, but the results for landscape variables remain relatively inconsistent across studies. Here, we use national-level data and an existing typology of communities to examine how land use and environmental amenities and disamenities affect rental prices across urban, suburban, periurban, and affluent communities in Switzerland. To make the analysis and the results as transparent as possible we examine largely a priori model specifications, and we systematically report and discuss the patterns of correlation among explanatory variables. Two-level models show that about 70 percent of the price variation is found at the apartment level and about 30 percent at the community level. Models for the different community types suggest that, although we include a sophisticated variable for central services, the centrality of location is not fully controlled in our models and thus picked up by correlated peripheral and central amenities such as open space, forest or urban parks. Analysis of these correlations allows us to qualify our results and present a revised set of relatively reliable estimates. Positive effects on rental prices are identified for views, various types of recreational infrastructure and vicinity of lakes, wetlands, undisturbed areas, nationally significant landscapes and cultural sites. Negative effects are found for several disamenities including road noise, railway noise, industries and power lines. We suggest that systematic hypothesis testing and reporting of correlations may contribute to consistent explanatory patterns in Hedonic Pricing estimates for landscape amenities.
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landscape amenities and local development a review of migration regional economic and Hedonic Pricing studies
Ecological Economics, 2010Co-Authors: Felix Schlapfer, Fabian WaltertAbstract:With rapid urban expansion and loss of open space, attractive local landscapes will continue to gain importance in location decisions and on political agendas. The present study reviews the evidence on the local economic role of landscape amenities from two major strands of empirical research, migration and regional economic models, and Hedonic Pricing models. Following common amenity definitions we identify 71 relevant peer-reviewed studies and systematically assess the reported effects of the landscape amenity variables. The migration and regional economic studies suggest that migrants are attracted by amenities nearly as often as by low taxes. Reported effects of amenities on income and employment are less consistent. The Hedonic studies suggest that nature reserves and land cover diversity have mostly, open space and forest often, and agricultural land rarely positive effects on housing prices. Studies at larger geographic scales and studies involving urban areas were more likely to identify significant amenity effects. Some limitations of the evidence may be overcome with better datasets and modeling approaches. However, in line with other recent work, the limitations also highlight the need for complementary information from the analysis of political preferences for land-use management.
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the role of landscape amenities in regional development a survey of migration regional economic and Hedonic Pricing studies
2007Co-Authors: Fabian Waltert, Felix SchlaepferAbstract:Quality of life factors continue to gain importance in residential location decisions as well as location decisions of firms. One such factor is an attractive local landscape. The aim of this paper is to provide a survey of the empirical literature on the role of landscape amenities in local economic change. Following common amenity definitions, we define landscape amenities as landscape features that are location-specific, latent non-market input goods that directly enter residentsi?½ utility functions. Using this definition we identify thirty-nine relevant studies that use either migration or regional economic models or Hedonic Pricing techniques. One result from the analysis of migration and regional economic studies is that intra-country migrants were attracted by amenities about as frequently as by a low tax burden. Effects of amenities on employment and income are less well established. However, many of these studies used rather limited amenity variables. The results from Hedonic studies show that a wide variety of local amenity attributes are partly capitalized in housing prices and that studies on a larger geographic scale are more likely to identify a significant a role of amenities. Newly available land cover datasets and spatial analysis tools have the potential to overcome important data limitations of many earlier studies. Future research may thus contribute to a better understanding of the role of landscape amenities in economic change and to a better coordination of regional and environmental policies.
Massimo Filippini - One of the best experts on this subject based on the ideXlab platform.
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does the swiss car market reward fuel efficient cars evidence from Hedonic Pricing regressions a regression discontinuity design and matching
Note di lavoro, 2014Co-Authors: Anna Alberini, Markus Bareit, Massimo FilippiniAbstract:To correct market failures due to the presence of negative externalities associated with energy consumption, governments have adopted a variety of policies, including taxes, subsidies, regulations and standards, and information-based policies. For example, labels that clearly convey energy consumption rates, associated costs, and emissions of conventional pollutants and CO2, have been devised and used in the last two decades in several countries. In 2003, Switzerland introduced a system of fuel economy labels, based on grades ranging from A to G, where is A best and G is worst, to assist consumers in making decisions that improve the fleet’s fuel economy and lower emissions. We use a dataset documenting all passenger cars approved for sale in Switzerland each year from 2000 to 2011 to answer three key research questions. First, what is the willingness to pay for fuel economy? Second, do Swiss drivers—or Swiss auto importers on their behalf—appear to do a one-to-one tradeoff between car purchase price and savings on fuel costs over the lifetime of the car? Third, does the label have an additional effect on price, all else the same, above and beyond that of fuel efficiency alone? Hedonic Pricing regressions that exploit the variation in fuel economy across make-models, and over time within make-models, suggest that there is a (modest) capitalization of fuel economy into car prices. The diesel premium, however, exceeds the future fuel cost savings made possible by diesel cars, even at zero discount rates. An alternate calculation suggests that the fuel economy premium is consistent with a very low discount rate (2.5%). We use a sharp regression discontinuity design (RDD) based on the mechanism used by the Swiss Federal Office of Energy to assign cars to the fuel economy label to see if the label has an independent effect on price, above and beyond that of the fuel economy. The RDD approach estimates the effect to be 6-11%. To broaden the fuel economy range over which we assess the effect of the A label, we also deploy matching estimators, and find that the effect of an A label on car price is approximately 5%.
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does the swiss car market reward fuel efficient cars evidence from Hedonic Pricing regressions matching and a regression discontinuity design
2014Co-Authors: Anna Alberini, Markus Bareit, Massimo FilippiniAbstract:To correct market failures due to the presence of negative externalities associated with energy consumption, governments have adopted a variety of policies, including taxes, subsidies, regulations and standards, and information-based policies. For example, labels that clearly convey energy consumption rates, associated costs, and emissions of conventional pollutants and CO2, have been devised and used in the last two decades to promote rational decisions, but it is unclear whether labeling schemes have realigned consumer and producer behaviors. In 2003, Switzerland introduced a system of fuel economy labels, based on grades ranging from A to G, where is A best and G is worst, to assist consumers in making decisions that improve the fleet’s fuel economy and lower emissions. We use a dataset documenting all passenger cars approved for sale in Switzerland each year from 2000 to 2011 to answer three key research questions. First, what is the willingness to pay for fuel economy? Second, do Swiss drivers—or Swiss auto importers—appear to do a one-to-one tradeoff between car purchase price and savings on fuel costs over the lifetime of the car? Third, does the label have an additional effect on price, all else the same, above and beyond that of fuel efficiency alone? Hedonic Pricing regressions that exploit the variation in fuel economy across make-models, and over time within make-models, suggest that there is a (modest) capitalization of fuel economy into car prices. The Diesel premium, however, exceeds the future fuel cost savings made possible by Diesel cars, even at zero discount rates. An alternate calculation suggests that the fuel economy premium is consistent with a very low discount rate (2.5%). We use matching estimators and a sharp regression discontinuity design (RDD) based on the mechanism used by the Swiss Federal Office of Energy to assign cars to the fuel economy label to see if the label has an independent effect on price, above and beyond that of the fuel economy. The matching estimator indicates that the A-label effect on car price is approximately 5%. The RDD approach estimates the effect to be 6-11%.