Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision

Estimating the non-market monetary values of urban amenities has become commonplace in urban planning research, particularly following Rosen’s seminal article on hedonic theory in 1974. As a revealed preference method, the hedonic approach decouples the market price of a house into price components...

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Autor principal:	Shanaka Herath
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	urban amenity house price hedonic theory urban planning local regression Agriculture S
Acceso en línea:	https://doaj.org/article/200b3f27def24c2587835797283fc295
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spelling	oai:doaj.org-article:200b3f27def24c2587835797283fc2952021-11-25T18:09:48ZElevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision10.3390/land101112262073-445Xhttps://doaj.org/article/200b3f27def24c2587835797283fc2952021-11-01T00:00:00Zhttps://www.mdpi.com/2073-445X/10/11/1226https://doaj.org/toc/2073-445XEstimating the non-market monetary values of urban amenities has become commonplace in urban planning research, particularly following Rosen’s seminal article on hedonic theory in 1974. As a revealed preference method, the hedonic approach decouples the market price of a house into price components that are attributable to housing characteristics. Despite the potential contribution of this theory in a planning context, three main limitations exist in the conventional applications: (1) variable measurement issues, (2) model misspecification, and (3) the problematic common use of global regression. These flaws problematically skew our understanding of the urban structure and spatial distribution of amenities, leading to misinformed policy interventions and poor amenity planning decisions. In this article, we propose a coherent conceptual framework that addresses measurement, specification, and scale challenges to generate consistent economic estimates of local amenities. Finally, we argue that, by paying greater attention to the spatial equity of amenity values, governments can provide greater equality of opportunities in cities.Shanaka HerathMDPI AGarticleurban amenityhouse pricehedonic theoryurban planninglocal regressionAgricultureSENLand, Vol 10, Iss 1226, p 1226 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	urban amenity house price hedonic theory urban planning local regression Agriculture S
spellingShingle	urban amenity house price hedonic theory urban planning local regression Agriculture S Shanaka Herath Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision
description	Estimating the non-market monetary values of urban amenities has become commonplace in urban planning research, particularly following Rosen’s seminal article on hedonic theory in 1974. As a revealed preference method, the hedonic approach decouples the market price of a house into price components that are attributable to housing characteristics. Despite the potential contribution of this theory in a planning context, three main limitations exist in the conventional applications: (1) variable measurement issues, (2) model misspecification, and (3) the problematic common use of global regression. These flaws problematically skew our understanding of the urban structure and spatial distribution of amenities, leading to misinformed policy interventions and poor amenity planning decisions. In this article, we propose a coherent conceptual framework that addresses measurement, specification, and scale challenges to generate consistent economic estimates of local amenities. Finally, we argue that, by paying greater attention to the spatial equity of amenity values, governments can provide greater equality of opportunities in cities.
format	article
author	Shanaka Herath
author_facet	Shanaka Herath
author_sort	Shanaka Herath
title	Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision
title_short	Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision
title_full	Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision
title_fullStr	Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision
title_full_unstemmed	Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision
title_sort	elevating the value of urban location: a consumer preference-based approach to valuing local amenity provision
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/200b3f27def24c2587835797283fc295
work_keys_str_mv	AT shanakaherath elevatingthevalueofurbanlocationaconsumerpreferencebasedapproachtovaluinglocalamenityprovision
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Elevating the Value of Urban Location: A Consumer Preference-Based Approach to Valuing Local Amenity Provision

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