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Urbanity

Ahfeldt, Gabriel M. (2013) Urbanity. SERC Discussion Papers (SERCDP0136). The London School of Economics and Political Science ,SERC Discussion Paper, London, UK.

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Abstract

I define a composite amenity that provides aesthetic and consumption value to local residents: Urbanity. A novel data set of geo-tagged photos shared in internet communities serves as a proxy for urbanity. From the spatial pattern of house prices and photos I identify the value of urbanity in two of the largest cities in Europe: Berlin and London. I find an elasticity of indirect utility with respect to urbanity of about 1%. The aggregated willingness-to-pay equates to about $1bn per year in each city. The results demonstrate the important role cities play as centers of leisure, consumption, and beauty.

Item Type: Monograph (Discussion Paper)
Official URL: http://rlab.lse.ac.uk/_new/publications/abstract.a...
Additional Information: © 2013 The Author
Divisions: Spatial Economics Research Centre
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HC Economic History and Conditions
Sets: Research centres and groups > Spatial Economics Research Centre
Date Deposited: 27 Aug 2014 11:34
Last Modified: 02 Aug 2019 23:25
Funders: Economic and Social Research Council, Department for Business, Innovation and Skills (BIS), Welsh Government
URI: http://eprints.lse.ac.uk/id/eprint/59244

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