Three Essays on Environmental and Spatial Based Valuation of Urban Land and Housing

Three Essays on Environmental and Spatial Based Valuation of Urban Land and Housing

Author: Lu Liu

Publisher:

Published: 2010

Total Pages: 175

ISBN-13:

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This dissertation attempts to provide a comprehensive examination on the non-market valuation of the effect of open space amenities and local public infrastructure on the value of urban land and housing with both spatial heterogeneity and project heterogeneity. The demand for raw land is a derived demand for housing built on it. Therefore, we need to examine the land market and the housing market together. On the one hand, we estimate the value of urban land in a market that does not satisfy the usual assumptions of a competitive market structure as well as incentive incompatibility issues for transaction participants, with an application to a Chinese regional wholesale land market. These two violations to the traditional hedonic theory also generate two separate valuations on land with differentiated characteristics. On the other hand, we utilize the relative plane coordinates system, the three-dimensional distances, as well as the aggregate weight matrix, to implement the spatial hedonic estimation on the high-rise residential buildings in the same regional housing retail market in China. After these two steps, this dissertation, therefore, focuses on the profit maximization behavior of the property developer, which is the key role to link the factor market (i.e., the land market) and the commodity market (i.e., the housing market) together. Two methods are then employed to implement the hypothesis test on the hedonic price estimation including both inputs and outputs. First, a set of partial derivatives of the profit function with respect to various characteristics gives us the relationship between the marginal valuations in the land market and in the housing market. Second, we introduce a joint estimation approach that we call the spatial full information maximum likelihood (SFIML), which considers the land market, the housing market, and the property developer's profit maximization behavior all together in the estimation. Finally, we conduct a hypothesis test in both of these two scenarios to examine the validity of our linked markets assumption on the hedonic price estimation.


Three Essays on Housing Markets, Urban Land Use, and the Environment

Three Essays on Housing Markets, Urban Land Use, and the Environment

Author: Jae-Wan Ahn

Publisher:

Published: 2019

Total Pages: 115

ISBN-13:

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The United States is a highly urbanized nation. Today, with a growing number of people living in cities, a better understanding of how changes within urban areas impact the well-being of residents has important implications for policymakers and communities. The urban spatial structure of these cities is continually evolving, and in different ways across cities. This changing urban environment has substantial impacts on health and well-being. This dissertation takes a comprehensive view of social welfare from a policy perspective, including questions related to environmental degradation and public health, in order to scrutinize how urban gradients and urban spatial structures yield different consequences and affect residents in various ways. My first chapter explores how changing urbanization patterns in the United States influences air quality outcomes. Specifically, I seek to answer whether more compact forms of residential development result in better air quality relative to more sprawling patterns. I use spatially explicit data on air pollution and residential development, including over 6 million observations on new housing from tax assessment data, across large metropolitan areas to reveal a causal link between urban sprawl and air pollution from vehicle traffic. I find that compact cities experience a larger reduction in nitrogen dioxide and ozone compared with sprawling cities. In my second chapter, I explore the health benefits of urban green space. In order to better understand the impacts of urban green space on health outcomes, I examine the effects of city park area on mortality rates from cardiovascular disease among the elderly. I combine city park data with data on mortality rates, behavioral risk factors, and socioeconomic characteristics to conduct comparative case studies utilizing a synthetic control method. I select cities with significantly increased and reduced park area and examine how health benefits vary compared to cities where park area has not expanded. My results indicate that cities with increased park area experience a larger reduction in cardiovascular mortality for the elderly compared to their synthetic counterparts, although cities with reduced park area fail to show that there is a negative causal link between the reduction of parkland and cardiovascular mortality. In my third chapter, I study spatial variations in housing market resilience within and across U.S. metropolitan areas. I investigate how residential housing markets respond to the economic boom and bust periods before, during and after the Great Recession across urban, suburban, and exurban areas. Using over 15 million observations of housing sales across the largest 51 metropolitan areas of over one million population, this essay focuses on variations across census tracts to trace the path of housing prices at the neighborhood level. The results indicate that, relative to suburban and exurban areas, housing markets in urban areas were harder hit during the recession but recovered faster after the market crash. Urban and exurban housing markets within cities with high geographical restrictions fell to a similar extent during the bust. I also find that the West region was particularly volatile during this sample period.


Environmental Valuation

Environmental Valuation

Author: Bill Mundy

Publisher: Routledge

Published: 2017-11-30

Total Pages: 324

ISBN-13: 1351158953

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Environmental quality is one of the most important issues faced by contemporary urban and regional policy. Amenities such as access to the natural environment, attractive neighbourhood characteristics and high quality public goods and services, play a direct role in determining where people choose to live and how much they are willing to do so. Likewise, negative environmental conditions, such as contamination, influence the real estate markets and the 'value' of a region. Increasingly, regions become winners or losers based on the quality of life they offer their inhabitants. Bringing together a team of leading scholars, this book addresses the issues of environmental valuation, answering questions such as: What kinds of features matter? How large of an affect do they have? How do they affect the spatial distribution of the population? And how should the value that people place on their environment affect urban and regional policy?


The Practice of Spatial Analysis

The Practice of Spatial Analysis

Author: Helen Briassoulis

Publisher: Springer

Published: 2018-06-28

Total Pages: 381

ISBN-13: 331989806X

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This edited volume compiles a set of papers that present various applications of spatial analysis, both traditional and contemporary, on diverse subjects in a wide range of contexts. The volume is dedicated to the memory of the late Professor Pavlos Kanaroglou, McMaster University, Canada, who greatly contributed to scientific and applied research on spatial analysis. In his honor, the book offers a selection of various spatial analysis approaches to the study of contemporary urban transportation, land use, and air pollution issues. The first part of the book discusses selected general issues in spatial analysis; ontologies, agent-based modelling and accessibility analysis. The second part deals with urban transportation analysis and modelling issues; agent-based activity/travel microsimulation, bottleneck models, public transit use, freight transport and connected automated vehicles impact assessment. Part three focuses on integrated land use and transport analysis, discussing the land value impacts of public transport infrastructure, the role of transport provision on business evolution and commute distance considerations in urban relocation. The fourth part, on travel-related air pollution analysis, presents the development of a geo-information software for mapping Aerosol Optical Thickness in urban environments and the development of a neighborhood level, real time, internet-enabled, air pollution map in the Canadian urban context. This book will appeal to academics, researchers, graduate students, consultants, and practitioners working on topics related to spatial analysis, land use and transport analysis, planning and decision making, and air pollution studies.


Three Essays in Real Estate and Urban Economy

Three Essays in Real Estate and Urban Economy

Author: Sutee Anantsuksomsri

Publisher:

Published: 2013

Total Pages: 286

ISBN-13:

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This dissertation aims to demonstrate applications of regional science methodologies to analyze issues in real estate and urban economics in different scales: city, region, and country. The methodologies used in this dissertation include geographic information systems (GIS), spatial econometrics, and computable general equilibrium (CGE) modeling. There are three chapters in this dissertation. The first chapter studies the impact of the new mass transit systems on the land values of residential development in Bangkok, Thailand. GIS and spatial econometrics are used to examine the impacts. The study has found that the proximity to mass transit stations spatially correlates with an increase in the prices of residential land. The benefit of new mass transit stations, however, may not be equally distributed to the residents of Bangkok due to the lack of value capture mechanisms such as a capital gain tax or a property tax. Policy implications on property taxation are also discussed in this study. Chapter two discusses the economic impact of Cornell University on Tompkins County, New York, focusing on the impact of the investment on the new mixed-used development in Collegetown. This study is one of the first attempts to study the economic impact of a university using a CGE model. In addition, the assumption of increasing-returns-to-scale is incorporated into the framework of a small-area CGE model. This extension of the model allows for a more realistic representation of the imperfect competition in the economic simulation. In the last chapter, a financial CGE model is used to investigate the role of real estate investment in the economy of Thailand. This study discusses how the overinvested real estate market can cause the country to be vulnerable to a financial crisis. In addition, the relationship of real estate asset and property markets is incorporated into the model to captures interconnections between production sectors and financial sectors. The macroeconomic and socioeconomic indicators from the model simulation show that moderate investment in real estate sectors can lead to steady economic growth with small impact on income disparity.


The Quality of the Urban Environment

The Quality of the Urban Environment

Author: Harvey S. Perloff

Publisher: Routledge

Published: 2015-06-03

Total Pages: 349

ISBN-13: 1317397320

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The quality of the environment in which people live, work, and play influences to no small degree the quality of life itself. The environment can be satisfying and attractive and provide scope for individual development or it can be poisonous, irritating and stunting. The papers in this volume, first published in 1969, are concerned with the urban environment – in which the majority of Americans live – or, more accurately, with the environment of urbanites, for the concern extends to outlying areas where urban dwellers visit and play. The chapters aim to provide a better understanding of the natural resource elements in the urban environment, and will be of interest to students of environmental studies and human geography.