The value of the greenbelt in Vienna: a spatial hedonic analysis

@article{Herath2015TheVO,
  title={The value of the greenbelt in Vienna: a spatial hedonic analysis},
  author={Shanaka Herath and Johanna Choumert and Gunther Maier},
  journal={The Annals of Regional Science},
  year={2015},
  volume={54},
  pages={349-374}
}
This paper employs the hedonic price method to examine whether the implicit value of the greenbelt is capitalized into apartment prices in the city of Vienna, Austria. We improve the traditional model using spatial econometric techniques and compare the estimates from different spatial models, namely the spatial lag model, the spatial error model, and the spatial Durbin model (SDM). While our use of spatial models addresses the common problem of omitted variable bias, the SDM specifically… CONTINUE READING
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