Mercado imobiliário e amenidades urbanas: a view through the window
DOI:
https://doi.org/10.1590/S0101-41612005000200001Keywords:
amenities, hedonic prices, housing market, urban economyAbstract
In this article, we use a hedonic equation to estimate the implicit prices of urban amenities based on housing market data for the city of São Paulo. We test two different specifications, one with the original independent variables, and another with factors to correct for multicollinearity. In addition to the traditional monocentric model, we include an accessibility vector for a duocentric city. A criterion to select the appropriate environmental variables based on residual spatial interpolation is introduced. We conclude that proximity to train stations, green areas and strict residential zones raise rents, while criminality reduces them.Downloads
References
ALONSO, W. Locational and land use. Cambridge: Harvard University Press, 1964.
ANDERSSON, D. E. Hedonic prices and center accessibility: conceptual foundations and an empirical hedonic study of the market for condominium housing in Singapore. Taipei: National Taiwan University, 1997.
ANSELIN, L. Spatial econometrics: methods and models. Dordrecht: Kluwer Academic
Publishers, 1988.
BARTIK, T.; SMITH, K. Urban amenities and public policy. Handbook of Regional and Urban Economics, v. 2, p. 1207-1254, 1987.
BENSON, E. D.; HANSEN, J. L., SCHWARTZ Jr., A. L.; SMERSH, G. T. Pricing residential amenities: the value of a view. Journal of Real State Finance and Economics, v. 16, n. 1, p. 55-73, 1998.
BIDERMAN, C. Forças de atração e expulsão na Grande São Paulo. São Paulo:
Fundação Getúlio Vargas, 2001.
BOWEN, W. M.; MIKELBANK, B. A.; PRESTEGAARD, D. M. Theoretical and empirical considerations regarding space in hedonic housing price model applications. Growth and Change. v. 32, n. 4, p. 466-490, Fall 2001.
BOWES, D. R.; IHLANFELDT, K. R. Identifying the impacts of rail transit stations on residential property values. Journal of Urban Economics, 50, p. 1-25, 2001.
BRUECKNER, J. The structure of urban equilibria: a unified treatment of the muth-mills model. Handbook of Regional and Urban Economics. v. 2, p. 821-845, 1987.
CAN, A. The measurement of neighborhood dynamics in urban house prices. Economic
Geography, 66, p. 254-272, 1990.
CHESHIRE, P.; SHEPPARD, S. Estimating the demand for housing, land and neighborhood characteristics. Oxford Bulletin of Economics and Statistics, v. 60, n. 3, p. 357-382, 1998.
DUBIN, R. A. Spatial autocorrelation and neighborhood quality. Regional Science and Urban Economics, 22, p. 433-452, 1992.
ESPEY, M.; LOPEZ, H. The impact of airport noise and proximity on residential property values. Growth and Change, v. 31, p. 408-419, Summer 2000.
FIPE. Pesquisa de orçamentos familiares. São Paulo: Universidade de São Paulo, 1999.
FUJITA, M.; OGAWA, H. Multiple equilibria and structural transition of nonmonocentric urban configuration. Regional Science and Urban Economics, 12, p. 161-196, 1982.
HALVORSEN, R.; POLLAKOWSKI, H. O. Choice of functional form for hedonic price equations. Journal of Urban Economics, 10, p. 37-49, 1981.
HARMAN, H. Modern factor analysis. Chicago: The University of Chicago Press, 1967.
KAIN, J. F.; QUINLEY, J. M. Measuring the value of housing quality. Journal of the American Statistical Association, 65, p. 532-548, 1970.
MACEDO, P. B. R. Hedonic price models with spatial effects: an application to the house market of Belo Horizonte, Brazil. Revista Brasileira de Economia, v. 52, n. 1, p. 63-81, 1998.
MILLS, E. Studies in the structure of the urban economy. Baltimore: Johns Hopkins University Press, 1972.
OLIVEIRA, R. G. de Dois estudos sobre a poluição do ar na cidade de São Paulo. São Paulo: Universidade de São Paulo, 1997.
PLAUT, P. O.; PLAUT, S. E. Endogenous identification of multiple housing price centers in metropolitan areas. Journal of Housing Economics, 7, p. 193-217, 1998.
ROSEN, S. Hedonic price and implicit markets: product differentiation in pure competition. Journal of Political Economics, 82, p. 34-55, 1974.
SHEPPARD, S. Hedonic analysis of housing markets. Handbook of Regional and Urban
Economics, v. 3, n. 1, p. 595-1635, 1999.
WHEATON, W. C. Comparative static analysis of urban spatial structure. Journal of Economic Theory, 9, p. 223-237, 1974.
Downloads
Published
Issue
Section
License
Copyright (c) 2005 Bruno M. Hermann, Eduardo A. Haddad
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
By submitting an article, the author authorizes its publication and attests that it has not been submitted to any other journal. The original article is considered final. Articles selected for publication are proofread for grammatical and orthographic errors. The journal does not pay rights for published articles. The Institute of Economic Research from the School of Economics, Business and Accounting of the University of São Paulo (Instituto de Pesquisas Econômicas da Faculdade de Economia, Administração e Contabilidade da Universidade de São Paulo) owns the journal's copyright.
