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SPATIAL LANDSCAPE INDICES IN A HEDONIC FRAMEWORK: AN ECOLOGICAL ECONOMICS ANALYSIS USING GIS. (R825309)
Citation:
Geoghegan, J., L. Wainger, AND N. Bockstael. SPATIAL LANDSCAPE INDICES IN A HEDONIC FRAMEWORK: AN ECOLOGICAL ECONOMICS ANALYSIS USING GIS. (R825309). ENVIRONMENTAL MANAGEMENT. Elsevier Science Ltd, New York, NY, 23(3):251-264, (1997).
Description:
Abstract
This paper develops a spatial hedonic model to explain residential values in a region within a 30-mile radius of Washington DC. Hedonic models of housing or land values are commonplace, but are rarely estimated for non-urban problems and never using the type of spatial data (geographical information system or GIS) available to us. Our approach offers the potential for a richer model, one that allows for spatial heterogeneity in estimation, and one that ties residential land values to features of the landscape. Beyond the traditional variables to explain residential values, such as man-made and ecological features of the parcel and distance to cities and natural amenities, we also hypothesize that the value of a parcel in residential land use is affected by the pattern of surrounding land uses, not just specific features of point locations. We have also created and added these variables to the hedonic model by choosing an appropriate area around an observation, and calculating measures of percent open space, diversity, and fragmentation of land uses, measured at different scales around that observation. These indices have, for the most part, been significant in the models. By including two of the landscape indices developed by landscape ecologists, we have developed a model that explains land and housing values more completely, by capturing how individuals value the diversity and fragmentation of land uses around their homes.
Author Keywords: Hedonic models; Spatial landscape index; Spatial heterogeneity; Geographical information system