Table A1.

Landscape Calibration First-Stage Hedonic

	Hedonic Estimates			Summary Statistics
Variable	Estimate	Std. Err.	t-Stat.	Mean	Std. Dev.	Min.	Max.
Constant/Price^{^a}	8.010	0.027	297.330	16,048	13,583	1,870	184,250
Square feet (hundreds)	0.040	0.000	327.600	17.81	6.42	6.00	45.00
Acres	0.149	0.002	69.120	0.22	0.22	0.05	19.96
Stories	- 0.182	0.001	- 127.530	1.14	0.34	1.00	4.00
Bathrooms	0.140	0.001	128.420	2.43	0.81	0.50	6.00
Age	- 0.003	0.000	- 80.080	17.71	15.92	1.00	85.00
Pool	0.112	0.001	110.300	0.26	0.44	0.00	1.00
Garage	0.125	0.002	61.520	0.95	0.22	0.00	1.00
Wet	0.070	0.001	61.370	0.18	0.38	0.00	1.00
July min. temp.	- 0.006	0.000	- 17.970	78.75	2.01	67.16	86.30
CBD distance	0.002	0.000	21.750	14.13	5.94	0.51	42.84
Year Dummy Variables
1981	- 0.277	0.013	- 20.770
1982	- 0.402	0.015	- 26.360
1983	0.102	0.009	11.790
1984	0.149	0.008	17.720
1985	0.204	0.008	24.930
1986	0.238	0.008	29.730
1987	0.228	0.008	28.490
1988	0.226	0.008	28.250
1989	0.236	0.008	29.310
1990	0.222	0.008	27.810
1991	0.214	0.008	27.000
1992	0.229	0.008	29.180
1993	0.293	0.008	37.440
1994	0.353	0.008	45.680
1995	0.432	0.008	55.980
1996	0.501	0.008	65.470
1997	0.570	0.008	74.700
1998	0.624	0.008	82.440
1999	0.695	0.008	92.070
2000	0.767	0.008	101.670
2001	0.820	0.008	108.790
2002	0.870	0.008	115.550
2003	0.963	0.008	127.060
2004	1.049	0.008	137.790
Statistics
Number of observations	398,200
Adjusted R2	0.7751

Note: CBD, central business district.
↵a Price based on 11% of sale value and corresponds to constant in the first row of the panel of summary statistics.