Arbeitspapier
The Value of Proximity to Water in Residential Areas
Proximity to water is appreciated by households. Hedonic analyses that try to measure the value of this amenity are potentially biased by omitted variables as locations close to the water may be selected by households with higher incomes who construct more luxury houses. Since it is difficult to observe all relevant characteristics, the coefficient for proximity to water may be biased upwards. We circumvent this problem by exploiting a specific characteristic of the Dutch system of planned residential development: often a number of identical houses are constructed close to each other. By comparing the values of such identical houses, we can measure the effect of proximity to water under almost ideal circumstances. The results show a significant impact of this amenity, but of a smaller magnitude than was suggested by many earlier studies, thereby confirming the conjectured presence of omitted variable bias.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 14-047/VIII
- Klassifikation
-
Wirtschaft
Consumer Economics: Empirical Analysis
Allocative Efficiency; Cost-Benefit Analysis
Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
- Thema
-
hedonic analysis
local amenities
ommited variable bias
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Rouwendal, Jan
van Marwijk, Ramona
Levkovich, Or
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Rouwendal, Jan
- van Marwijk, Ramona
- Levkovich, Or
- Tinbergen Institute
Entstanden
- 2014
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