How Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan

It is generally accepted that the perception of homeowners towards certain potential risks or amenities fades as distance from the risk or amenity increases. This study aims to illustrate the distance–decay pattern with an appropriate mathematical function. Distance–decay functions and parameters th...

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Autor principal:	Lin-Han Chiang Hsieh
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	distance–decay function hedonic price analysis flood risk perception public transportation accessibility Agriculture S
Acceso en línea:	https://doaj.org/article/ea590f6897af44e0a0a61d2c98f40a8a
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id	oai:doaj.org-article:ea590f6897af44e0a0a61d2c98f40a8a
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spelling	oai:doaj.org-article:ea590f6897af44e0a0a61d2c98f40a8a2021-11-25T18:09:53ZHow Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan10.3390/land101112382073-445Xhttps://doaj.org/article/ea590f6897af44e0a0a61d2c98f40a8a2021-11-01T00:00:00Zhttps://www.mdpi.com/2073-445X/10/11/1238https://doaj.org/toc/2073-445XIt is generally accepted that the perception of homeowners towards certain potential risks or amenities fades as distance from the risk or amenity increases. This study aims to illustrate the distance–decay pattern with an appropriate mathematical function. Distance–decay functions and parameters that yield the minimum residual sum of squares (RSS) for a given regression model are considered to be the optimal approximation for the pattern of decay. The effect of flood risk and mass rapid transit (MRT) accessibility on residential housing prices in Taipei, Taiwan, are used as examples to test the optimization process. The results indicate that the type of distance function affects both the significance and the magnitude of the regression coefficients. In the case of Taipei, concave functions provide better fits for both the flood risk and MRT accessibility. RSS reduction is up to 10% compared to the blank. Surprisingly, the impact range for the flood risk is found to be larger than that for MRT accessibility, which suggested that the impact range of perception for uncertain risks is larger than expected.Lin-Han Chiang HsiehMDPI AGarticledistance–decay functionhedonic price analysisflood risk perceptionpublic transportation accessibilityAgricultureSENLand, Vol 10, Iss 1238, p 1238 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	distance–decay function hedonic price analysis flood risk perception public transportation accessibility Agriculture S
spellingShingle	distance–decay function hedonic price analysis flood risk perception public transportation accessibility Agriculture S Lin-Han Chiang Hsieh How Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan
description	It is generally accepted that the perception of homeowners towards certain potential risks or amenities fades as distance from the risk or amenity increases. This study aims to illustrate the distance–decay pattern with an appropriate mathematical function. Distance–decay functions and parameters that yield the minimum residual sum of squares (RSS) for a given regression model are considered to be the optimal approximation for the pattern of decay. The effect of flood risk and mass rapid transit (MRT) accessibility on residential housing prices in Taipei, Taiwan, are used as examples to test the optimization process. The results indicate that the type of distance function affects both the significance and the magnitude of the regression coefficients. In the case of Taipei, concave functions provide better fits for both the flood risk and MRT accessibility. RSS reduction is up to 10% compared to the blank. Surprisingly, the impact range for the flood risk is found to be larger than that for MRT accessibility, which suggested that the impact range of perception for uncertain risks is larger than expected.
format	article
author	Lin-Han Chiang Hsieh
author_facet	Lin-Han Chiang Hsieh
author_sort	Lin-Han Chiang Hsieh
title	How Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan
title_short	How Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan
title_full	How Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan
title_fullStr	How Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan
title_full_unstemmed	How Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan
title_sort	how does the effect fade over distance? an inquiry into the decay pattern of distance effect on property values in the case of taipei, taiwan
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/ea590f6897af44e0a0a61d2c98f40a8a
work_keys_str_mv	AT linhanchianghsieh howdoestheeffectfadeoverdistanceaninquiryintothedecaypatternofdistanceeffectonpropertyvaluesinthecaseoftaipeitaiwan
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How Does the Effect Fade over Distance? An Inquiry into the Decay Pattern of Distance Effect on Property Values in the Case of Taipei, Taiwan

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