Cost-Efficient Valuation of Aesthetic Amenities

In order to avoid costly data collection practices common in hedonic valuation of aesthetic amenities, easy-to-collect secondary County tax and geospatial data are used to derive estimates for spatial effects on residential land values. Three Georgia Counties were selected due to data availability: Clarke, Henry, and Richmond. All properties meeting panel-design criterion are included in analysis samples. Large datasets prompt the omission of traditional hedonic model variables such as property characteristics. The focus of analysis is directed toward Canopy and Impervious land-cover estimates. Focal means are calculated at different ranges for immediate and neighborhood-wide assessment of surrounding cover. Community variables designed to describe neighborhood composition are included. Class, the measure of average size and Density, the average distance between nearby homes, are calculated at same neighborhood ranges as Focal means. Regressors also include distances to Schools, Hospitals, Airports, and Highways. Pooled Ordinary Least Squares performed with data normalized by log-transformation yields practical, statistically significant results. Consistency of estimates among Counties provides assurance of model viability, while variety is still strong between all Counties. Some concerns of data reliability and appropriateness of goodness-of-fit measure are voiced for any future analysis.

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 Record created 2017-04-01, last modified 2020-10-28

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