Neighborhood greenspace's impact on residential property values: understanding the role of spatial effects

UnrestrictedThe value of various types of open space has been widely assessed by environmental economists as ‘capitalized value’ in properties. But urban greenspace – neighborhood greenspace in particular – has attracted limited attention. A hedonic model is often employed to assess such values, but consideration for spatial effects is often absent when it comes to open space studies. The literatures of spatial econometrics and spatial statistics have made considerable advances in incorporating spatial effects into hedonic models. This dissertation examines the application of some of these advances on hedonic models with neighborhood greenspace characteristics, using GIS as a platform to assist with these spatial analyses. This analytical vantage point helps to achieve the accurate estimation of the value of neighborhood greenspace, and also helps to further the understanding of these spatial models’ performance in obtaining such estimate