Sammendrag
Modelling walking distance enables the observation of non-linearities in hedonic property pricing of accessibility
to greenspace. We test a penalized spline spatial error model (PS-SEM), which has two distinctive features. First,
the PS-SEM controls for the presence of a spatially autocorrelated error term. Second, the PS-SEM allows for
continuous non-linear distance decay of the property price premium as a function of walking distance to
greenspaces. As a result, compared with traditional spatial econometric methods, the PS-SEM has the advantage
that data determines the functional form of the distance decay of the implicit price for greenspace accessibility.
Our PS-SEM results from Oslo, Norway, suggest that the implicit price for greenspace access is highly non-linear
in walking distance, with the functional form varying for different types of greenspaces. Our results caution
against using simple linear distances and assumptions of log or stepwise buffer-based distance decay in property
prices relative to pedestrian network distance to urban amenities. The observed heterogeneity in the implicit
property prices for walking distance to greenspace also provides a general caution against using non-spatial
hedonic pricing models when aggregating values of greenspace amenities for policy analysis or urban
ecosystem accounting purposes.
Penalized spline spatial error model (PS-SEM)
Hedonic pricing method (HPM)
Urban ecosystem services valuation
Urban ecosystem accounting
Urban planning
Environmental justice
Vis fullstendig beskrivelse