Constructing Commercial Indices: A Semiparametric Adaptive Estimator Approach

Hodgson, Douglas J.; Slade, Barrett A.; Vorkink, Keith

doi:10.1007/s11146-006-6012-7

Cited by 14 publications

(9 citation statements)

References 38 publications

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“…Therefore, it is important to test 25 Neighborhood attributes may include physical characteristics of the neighborhood, the socio-economic characteristics of the local residents, public service provisions, and environmental amenities. 26 The log transformation of the continuous property characteristics is consistent with past hedonic literature on housing and commercial/retail/industrial properties (Hodgson et al (2006)). In addition, Cutter et al (forthcoming) shows that this specification is superior for a similar data set.…”

Section: Spatial Error Modelssupporting

confidence: 74%

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Do parking requirements significantly increase the area dedicated to parking? A test of the effect of parking requirements values in Los Angeles County

Cutter

Franco

2012

Transportation Research Part A: Policy and Practice

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Minimum parking requirements are the norm for urban and suburban development in the United States (Davidson and Dolnick (2002)). The justification for parking space requirements is that overflow parking will occupy nearby street or off-street parking. and Willson (1995) provides cases where there is reason to believe that parking space requirements have forced parcel developers to place more parking than they would in the absence of parking requirements. If the effect of parking minimums is to significantly increase the land area devoted to parking, then the increase in impervious surfaces would likely cause water quality degradation, increased flooding, and decreased groundwater recharge. However, to our knowledge the existing literature does not test the effect of parking minimums on the amount of lot space devoted to parking beyond a few case studies. This paper tests the hypothesis that parking space requirements cause an oversupply of parking by examining the implicit marginal value of land allocated to parking spaces. This is an indirect test of the effects of parking requirements that is similar to Glaeser and Gyourko (2003). A simple theoretical model shows that the marginal value of additional parking to the sale price should be equal to the cost of land plus the cost of parking construction. We estimate the marginal values of parking and lot area with spatial methods using a large data set from the Los Angeles area nonresidential property sales and find that for most of the property types the marginal value of parking is significantly below that of the parcel area. This evidence supports the contention that minimum parking requirements significantly increase the amount of parcel area devoted to parking.

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Section: Spatial Error Modelssupporting

confidence: 74%

“…10 Some examples are Hodgson (2006) and Colwell (1998). Other empirical studies have examined demand side and supply side influences on office-commercial rents.…”

mentioning

confidence: 99%

Do parking requirements significantly increase the area dedicated to parking? A test of the effect of parking requirements values in Los Angeles County

Cutter

Franco

2012

Transportation Research Part A: Policy and Practice

View full text Add to dashboard Cite

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“…This is because nearby properties are likely to have similar unobservable characteristics (Bell and Bockstael (2000), 26 Neighborhood attributes may include physical characteristics of the neighborhood, the socio-economic characteristics of the local residents, public service provisions, and environmental amenities. 27 The log transformation of the continuous property characteristics is consistent with past hedonic literature on housing and commercial/retail/industrial properties (Hodgson et al (2006)). In addition, Cutter and DeWoody (2010) shows that this specification is superior for a similar data set.…”

Section: General Spatial Modelsupporting

confidence: 74%

“…In those areas, there will be no construction and any regulation that place limits on residential building would not bind. 7 Some examples are Hodgson et al (2006) and Colwell et al (1998). Other empirical studies have examined demand side and supply side influences on office-commercial rents.…”

Section: Introductionmentioning

confidence: 99%

The Uneasy Case for Lower Parking Standards

Cutter

Franco

2012

SSRN Journal

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Minimum parking requirements are the norm for urban and suburban development in the United States (Davidson and Dolnick (2002)). The justification for parking space requirements is that overflow parking will occupy nearby street or off-street parking. and Willson (1995) provides cases where there is reason to believe that parking space requirements have forced parcel developers to place more parking than they would in the absence of parking requirements. If the effect of parking minimums is to significantly increase the land area devoted to parking, then the increase in impervious surfaces would likely cause water quality degradation, increased flooding, and decreased groundwater recharge. However, to our knowledge the existing literature does not test the effect of parking minimums on the amount of lot space devoted to parking beyond a few case studies. This paper tests the hypothesis that parking space requirements cause an oversupply of parking by examining the implicit marginal value of land allocated to parking spaces. This is an indirect test of the effects of parking requirements that is similar to Glaeser and Gyourko (2003). A simple theoretical model shows that the marginal value of additional parking to the sale price should be equal to the cost of land plus the cost of parking construction. We estimate the marginal values of parking and lot area with spatial methods using a large data set from the Los Angeles area non-residential property sales and find that for most of the property types the marginal value of parking is significantly below that of the parcel area. This evidence supports the contention that minimum parking requirements significantly increase the amount of parcel area devoted to parking. JEL Codes: R52, H23.

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“…Thus, the adaptive estimator, though not fully asymptotically efficient in the presence of heteroskedasticity, nevertheless has powerful robustness properties, can provide a substantial efficiency gain relative to OLS, and is easy to compute, as described in Appendix 2. For other applications of this estimator to hedonic regressions, see Hodgson, Slade, and Vorkink (2006) and Hodgson and Vorkink (2004).…”

Section: Econometric Modelmentioning

confidence: 99%

Age-Price Profiles for Canadian Painters at Auction

Hodgson

2011

SSRN Journal

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We conduct an empirical analysis of the effect on the auction price of a Canadian painting of the age of the painter at the time of creation of the painting. We consider several hundred artists, active over the entire history of Canadian art, who are pooled in the estimation of a hedonic regression in which a polynomial function in age enters as a regressor along with several other control variables. We then consider the possibility that the age-price relationship has changed over time by : (a) estimating separate age-price functions for three generational groups of artists -those born before 1880, between 1880 and 1920, and after 1920 and thus coming of age in the world of post-war "contemporary art" ; and (b) estimating a parameterization where the shape of the age-price profile is permitted to change continuously depending on the year of birth of the artist. Our principal result is that artists born more recently tend to "peak" earlier in their careers than those of previous generations.As pertaining to artists born after 1920, this result is consistent with the findings of Galenson (2000) for modern American painters, but we find that the phenemenon applies over longer periods of art history, and propose an interpretation based on demand-side changes in art markets brought about by economic and urban population growth.2

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Constructing Commercial Indices: A Semiparametric Adaptive Estimator Approach

Cited by 14 publications

References 38 publications

Do parking requirements significantly increase the area dedicated to parking? A test of the effect of parking requirements values in Los Angeles County

Do parking requirements significantly increase the area dedicated to parking? A test of the effect of parking requirements values in Los Angeles County

The Uneasy Case for Lower Parking Standards

Age-Price Profiles for Canadian Painters at Auction

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