Uncertainty, Information, and Hedonic Pricing

Kask, Susan B.; Maani, Sholeh A.

doi:10.2307/3146772

Cited by 77 publications

(35 citation statements)

References 8 publications

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“…A high quality ocean view could raise the price of an otherwise comparable home by almost 60% in single-family residential real estate market of Bellingham, Washington (Benson et al, 1998). A study conducted in Auckland, New Zealand, indicated that people would pay 18.5% more for sea view (Kask and Maani, 1992). However, a case study of residential housing in Haifa, Israel, found that sea views did not significantly raise housing price (Portnov et al, 2005).…”

Section: Effects Of Scenic Viewsmentioning

confidence: 92%

Value of scenic views: Hedonic assessment of private housing in Hong Kong

Jim¹,

Chen²

2009

Landscape and Urban Planning

229

117

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Section: Effects Of Scenic Viewsmentioning

confidence: 92%

Value of scenic views: Hedonic assessment of private housing in Hong Kong

Jim¹,

Chen²

2009

Landscape and Urban Planning

229

117

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“…However to estimate WTP requires data from multiple, disJinct markets, and information on individual purchasers of the land (Palmquist 1998), Many multiple regression studies of house prices that use a large number of variables have estimated WTP and hence the demand curve associated with environmental variables (e.g. Colwell 1991;Kask and Maani 1992;White 1996' Grudnitski andDo 1997;Dombrow et ai, 2000). However, the idenJification or distinct markets and information on individual purchasers will be difficult to identify and collect in the case of national parks, This study is confined to the first stage of analysis, estimation of how much of the unimproved land values associated with single-dwelling houses in Noosa around NNP are due to NNP.…”

Section: Application Of the Hedonic Price Methods Usingmentioning

confidence: 99%

The Impact of Noosa National Park on Surrounding Property Values: An Application of the Hedonic Price Method

Pearson

Tisdell

Lisle

2002

Economic Analysis and Policy

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This study deals with the vaiuation of a National Park in an urban area. The hedonic price method is used to estimate the impact of the headland section of Noosa National Park (NNP) on nearby unimproved land values. Unimproved land values of 641 house blocks surrounding NNP were used in a variety of regressions to provide values for both proximity and view of the park. The study found that a glimpse of NNP generates an increase of 7% in the land value. However. being in close walking distance to NNP has little impact upon the value of land. Properties located south ofNNP headland were found to be valued at only 85% of comparable properties to the north. The variables with the greatest impact on price are direct distance to the oce3J1 and a view of the ocean. If properties are closer to another urban park (not a national park), there is a strong negative relationship between price and distance to the park. But properties closest to NNP do not experience this relationship. It is suggested that disamenities of such a well-known park, including parking problems and 'unsavory characters' may result in the direct distance to NNP not being a significant explanatory variable in relation to price. This information is useful to local governments with national parks within their borders who want to estimate the value of the park to their area, e.g. in relation to rates.Leonie Pearson completed her contribution (0 this article while enrolled in the PhD program at the School of Natural and Rural Systems Management. The University of Queensland. She is grateful for support from this School. The authors are also grateful to the Department of Natural Resources and Mines in supplying the data for analysis.

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“…The existence of information bias may cause a problem when estimating hedonic prices (Kask & Maani, 1992). If information is limited between seller and buyer, one may estimate a biased implicit price.…”

Section: Criticisms Of the Hedonic Price Modelmentioning

confidence: 99%

The Impact of Traffic Noise on the Values of Single-family Houses

Wilhelmsson

2000

Journal of Environmental Planning and Management

176

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The objective of this paper is to provide an empirical analysis of the impact traffic noise has on the values of single-family houses. Under the assumption that negative externalities are capitalized into house values, the hedonic price method is used. Issues of asymmetric information and disequilibrium are discussed and tested. Furthermore, the cost-benefit valuation has been corrected for the existence of property tax. Noise pollution was found to have a substantial negative effect on housing values. A single-family house of SEK975 000 would sell for SEK650 000 if located near a road where noise is loud, equivalent to a total discount of 30%.

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Uncertainty, Information, and Hedonic Pricing

Cited by 77 publications

References 8 publications

Value of scenic views: Hedonic assessment of private housing in Hong Kong

Value of scenic views: Hedonic assessment of private housing in Hong Kong

The Impact of Noosa National Park on Surrounding Property Values: An Application of the Hedonic Price Method

The Impact of Traffic Noise on the Values of Single-family Houses

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