Abstract
This paper uses GIS data to develop variables representing the physical extent and visibility of surrounding land use/cover features in a hedonic model of a rural/suburban residential housing market. Three equations are estimated to determine if views affect property prices and, further, if omission of visibility variables leads to omitted variable biases. To improve efficiency, first-order spatial autoregressive models are estimated. Results indicate that the visibility measures are important determinants of prices and that their exclusion may lead to incorrect conclusions regarding the significance and signs of other environmental variables. (JEL Q21)
This article requires a subscription to view the full text. If you have a subscription you may use the login form below to view the article. Access to this article can also be purchased.
Log in using your username and password
Purchase access
In this issue
Jump to section
Related Articles
Cited By...
- Pricing Coastal Amenities and Flood Hazards
- The Value of a Sea View: Hedonic Estimates Using 3D Simulation and Natural Language Processing
- Convergent Validity of Satellite and Secchi Disk Measures of Water Clarity in Hedonic Models
- Convergent Validity of Satellite and Secchi Disk Measures of Water Clarity in Hedonic Models
- The Cost of Convenience: Estimating the Impact of Communication Antennas on Residential Property Values
- Is What You See What You Get? The Value of Natural Landscape Views
- Forced Sales and Farmland Prices
- The Effects of Environmental Amenities on Agricultural Land Values
- Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk