Externalidades ambientais e prezo da vivenda en Madridunha análise con regresión cuantílica espacial

  1. Chasco Yrigoyen, Coro
  2. Sánchez Reyes, Beatriz
Journal:
Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais

ISSN: 1132-2799

Year of publication: 2012

Volume: 21

Issue: 2

Pages: 277-296

Type: Article

DIALNET GOOGLE SCHOLAR lock_openDialnet editor HANDLE: https://hdl.handle.net/10347/19009

More publications in: Revista galega de economía: Publicación Interdisciplinar da Facultade de Ciencias Económicas e Empresariais

Abstract

Air pollution and urban noise are major concerns in big cities. This paper aims at evaluating how they impact transaction prices in downtown Madrid. For that purpose, we incorporate two subjective measures of air-pollution and noise, joint with other variables available for individual characteristics, accessibility and socio-economic data, and we use spatial quantile models with a sample of 5,080 houses in downtown Madrid. Spatial quantile regressions are a good instrument to deal with common problems in hedonic models, such as non-linearity, non-normality due to asymmetries and outliers, heteroskedasticity and spatial autocorrelation. We find that noise and air-pollution have no clear significant effect except in the wealthier neighborhoods, where pollution is clearly a disamenity. Additionally, we find a counter-intuitive positive sign for the effect of noise only for the group of the most exclusive properties, possibly because of their owner high ‘sense of place’, joint to the existence of some other related positive associated externalities, such as upscale shops and historical or cultural areas

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