Expert opinion versus transaction evidence: using the Reilly index to measure open space premiums in the urban-rural fringe

G. Cotteleer, T. Stobbe, G.C. van Kooten

Research output: Contribution to conferenceConference paperAcademic

Abstract

Due to economic and population growth farmland and to a lesser extend other undeveloped areas are under pressure in the urban-rural fringe in British Columbia, Canada. The objectives of this paper are to determine if residential property values near Victoria, BC include open-space premiums for farmland or parks or both, and to determine if using assessed values instead of market prices of the property result in the same findings. We estimate a SUR (Seemingly Unrelated Regression) model with two hedonic pricing equations, one with actual market values as the dependent variable and one with assessed property values, and compare the resulting estimates of shadow prices for open space amenities. Furthermore, we take account of spatial autocorrelation and combine Method of Moment estimates of the spatial parameters in both equations
Original languageEnglish
Number of pages30
Publication statusPublished - 2008
Event107th EAAE Seminar Modelling of agricultural and rural development policies - Seville, Spain
Duration: 29 Jan 20081 Feb 2008

Seminar

Seminar107th EAAE Seminar Modelling of agricultural and rural development policies
CountrySpain
CitySeville
Period29/01/081/02/08

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