Cookies?
Library Header Image
LSE Research Online LSE Library Services

On the price of land and the value of amenities

Cheshire, Paul and Sheppard, Stephen Charles (1995) On the price of land and the value of amenities. Economica, 62 (246). pp. 247-267. ISSN 1468-0335

Full text not available from this repository.

Abstract

A house represents not only a bundle of structural characteristics but also a set of location specific characteristics. Adding locational coordinates and site area to other house characteristics makes it possible to estimate a land rent surface as well as the hedonic prices attached to local patterns of land use and other neighbourhood characteristics. One can then estimate how the value of such location-specific characteristics are capitalized into land prices. This analysis, illustrated with estimates based on data from two British towns, has a number of wider implications. It generates a more parsimonious method of estimating amenity values. It also reveals likely systematic biases produced by conventional hedonic studies which exclude land and location. Finally, it clarifies the conceptual definition of land and suggests that monocentric models can perform well despite recent criticism.

Item Type: Article
Official URL: http://onlinelibrary.wiley.com/journal/10.1111/(IS...
Additional Information: © 1995 The London School of Economics and Political Science
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
Sets: Departments > European Institute
Departments > Geography and Environment
Research centres and groups > Spatial Economics Research Centre
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 13 Aug 2013 14:28
URL: http://eprints.lse.ac.uk/51679/

Actions (login required)

Record administration - authorised staff only Record administration - authorised staff only