Government agencies in urbanizing areas are increasingly utilizing purchase and transfer of development rights programs to preserve farmland and protect local farm economies.This article tests the effect of development restrictions imposed by permanent easement sales on farmland sales prices, using Maryland data. We correct for selectivity bias due to the voluntary nature of these programs in e...

This paper focuses on how changes in the economic and regulatory environment have affected production costs and product characteristics in the automobile industry. We estimate "hedonic cost functions" that relate product-level costs to their characteristics. Then we examine how this cost surface has changed over time and how these changes relate to changes in gas prices and in emission standard...

Neighborhood quality is an important attribute of housing yet its value is rarely known to researchers. We argue that changes in nearby foreclosures reveal changes in neighborhood quality. Thus estimates of the hedonic price of nearby foreclosures provide a glimpse of values that people hold for local neighborhood quality. The empirical models include controls for both spatial dependence in hou...

The valuation of Canadian paintings is analyzed empirically. Using a sample of auction prices for major Canadian painters for the period 19682001, we run hedonic regressions to analyze the in‡uence of various factors, including painter identity, on auction prices, as well as to construct a market price index. This index is used in a second stage analysis in which we analyze the properties of Ca...

We investigate price finding of buyers and sellers of Internet domains. We develop a hedonic model for domain prices, controlling for differences in domain quality along multiple dimensions and test the model empirically on a large dataset of domain transactions observed at secondary domain markets. We document differences in the implicit prices for selected domain attributes across different t...

We present a first analysis of auction markets for specialty food products. We identify auction prices, trade volume and value for domestic and foreign origin specialty ham with geographical indications (GIs) which were actually sold in online auctions in Germany within a one-month period. Applying hedonic modeling, we examine potential factors that may influence online bidding behavior and fin...

This paper analyses hedonic pricing factors in the urban residential land market of Vienna. Considerable impacts of the underground network are to be found on residential land values. The accessibility of open space and shopping opportunities are among the major pricing factors of residential land markets. The socio-economic characteristics of the neighbourhood are also important. The connectio...

Maximum Likelihood Estimation and Lagrange Multiplier Tests for Panel Seemingly Unrelated Regressions with Spatial Lag and Spatial Errors: An Application to Hedonic Housing Prices in Paris This paper proposes maximum likelihood estimators for panel seemingly unrelated regressions with both spatial lag and spatial error components. We study the general case where spatial effects are incorporated...

Hedonic property value models have been frequently used to value environmental amenities (or dis-amenities) since markets for these goods (bads) do not usually exist. Typically, researchers cite Rosen’s (1974) seminal work that allows one to interpret functions of the hedonic regression coefficients as the marginal willingness to pay (MWTP) for the environmental good. This allows the results fr...

Hedonic house price models typically impose a constant price structure on housing characteristics throughout an entire market area. However, there is increasing evidence that the marginal prices of many important attributes vary over space, especially within large markets. In this paper, we compare two approaches to examine spatial heterogeneity in housing attribute prices within the Tucson, Ar...