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VALUING THE “GREEN” AMENITIES IN A SPATIAL CONTEXT
Author(s) -
Wu Wenjie,
Dong Guanpeng
Publication year - 2014
Publication title -
journal of regional science
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.171
H-Index - 79
eISSN - 1467-9787
pISSN - 0022-4146
DOI - 10.1111/jors.12099
Subject(s) - amenity , valuation (finance) , megacity , context (archaeology) , land values , spatial econometrics , space (punctuation) , value (mathematics) , economics , spatial contextual awareness , geography , land use , economic geography , natural resource economics , regional science , econometrics , economy , computer science , ecology , finance , remote sensing , archaeology , machine learning , operating system , biology
ABSTRACT Despite extensive public infrastructure spending, little is known about the benefits of access to “green amenities” like parks within cities. This paper uses spatial econometric methods to estimate the value of proximity to parks using land markets in a Chinese megacity. Our research design captures mechanisms of spatial interaction effects and highlights the importance of avoiding the biases inherent in the traditional valuation approach. Our results suggest that land adjacent to parks is significantly valued by land developers and that these valuations are not distributed evenly over space. Our evidence provides support for considering locations in explaining the amenity value differentials that are grounded in the social, economic, and local contextual forces at stake.