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Using the Hedonic Approach to Value Natural Land Uses in an Urban Area: An Application to Geneva and ZurichCaroline SchaererGeneva School of Business Administration Andrea BaranziniUniversity of Applied Sciences Western Switzerland - Geneva School of Business Administration José V. RamirezUniversity of Applied Sciences Western Switzerland - Geneva School of Business Administration Philippe ThalmannSwiss Federal Institute of Technology Lausanne - Ecole Polytechnique Federale de Lausanne (EPFL) July 4, 2006 Economie Publique/Public Economics, Vol. 2007/1, N0. 20, pp. 147-167, 2008 Abstract: We apply the hedonic model to the rental markets of the Geneva and Zurich urban areas, Switzerland, in order to assess the value of natural land uses and land use diversity. In order to construct variables to quantify land uses and patterns in the neighborhoods of the buildings, we make use of the Zurich and Geneva geographic information system (GIS). Then, by merging these GIS-calculated neighborhood variables with data on the dwellings' structure and noise exposure levels, we obtain a database of about 3200 observations for each urban area. We find that proximity to various environmental amenities as well as their size in the surrounding areas has a statistically significant impact on rents. In addition, homogeneity in land use commands higher rents. The estimated impacts are relatively similar in the two regions.
Number of Pages in PDF File: 23 Keywords: hedonic model, rental market, housing market, landscape value, geographic information system (GIS) JEL Classification: R14, R52, R31, D62 Accepted Paper SeriesDate posted: July 4, 2011Suggested CitationContact Information
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