HEDONIC PRICING WHEN HOUSING IS ENDOGENOUS: THE VALUE OF ACCESS TO THE TRANS-ISRAEL HIGHWAY.
ABSTRACT Standard hedonic house pricing assumes that house prices are independent of the intangible to be priced. A methodology is proposed in which the supply as well as the demand for housing depends on the intangible. The methodology is applied to value access to the Trans-Israel Highway (TIH). U...
| Publicado en: | Journal of Regional Science Vol. 56; no. 1; pp. 134 - 156 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
Jan2016
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=112262693&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 112262693 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00224146 RSC jtl: Journal of Regional Science issn: 00224146 maglogo: Y pubinfo: dt: Jan2016 vid: 56 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 112262693 10.1111/jors.12207 ppf: 134 ppct: 22 formats: tig: atl: HEDONIC PRICING WHEN HOUSING IS ENDOGENOUS: THE VALUE OF ACCESS TO THE TRANS-ISRAEL HIGHWAY. aug: au: Beenstock, Michael Feldman, Dan Felsenstein, Daniel affil: Department of Economics, Hebrew University of Jerusalem, Mt Scopus Jerusalem, 91905, Israel Department of Geography, Hebrew University of Jerusalem, Mt Scopus Jerusalem, 91905, Israel su: Economics Domestic architecture Home prices Demand function House construction Kevish Hotseh Yiśra'el (Israel) sug: subj: Economics Domestic architecture Residential building construction New Housing For-Sale Builders New Single-Family Housing Construction (except For-Sale Builders) Home prices Demand function House construction Kevish Hotseh Yiśra'el (Israel) ab: ABSTRACT Standard hedonic house pricing assumes that house prices are independent of the intangible to be priced. A methodology is proposed in which the supply as well as the demand for housing depends on the intangible. The methodology is applied to value access to the Trans-Israel Highway (TIH). Using spatial panel data (2002-2008) we show that TIH had two effects on the housing market. It increased house prices in locations with greater access to TIH, and it affected housing construction. Standard hedonic pricing would have underestimated the value of access because it ignores the effects of housing construction on the intangible to be priced. House prices began to increase three years before TIH was inaugurated, but housing construction did not anticipate the inauguration of TIH. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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