Quotation Herath, Shanaka, Choumert, Johanna, Maier, Gunther. 2015. The value of the greenbelt in Vienna: a spatial hedonic analysis. Annals of Regional Science 54 (2): S. 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 allows for controlling possible nearby proximity effects (i.e., small-scale neighborhood) that are rarely included in this type of analyses. Findings indicate that distance from the greenbelt is important in explaining apartment prices in Vienna and that the greenbelt exerts a centrifugal force. The SDM is found to be the best performing model indicating the existence of small-scale neighborhood effects and presenting a solid case for the consideration of this model in valuation of green amenities.


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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Annals of Regional Science
Citation Index SSCI
WU Journalrating 2009 A
WU-Journal-Rating new VW-D
Language English
Title The value of the greenbelt in Vienna: a spatial hedonic analysis
Volume 54
Number 2
Year 2015
Page from 349
Page to 374
Reviewed? Y
DOI http://dx.doi.org/10.1007/s00168-015-0657-1


Herath, Shanaka (Former researcher)
Maier, Gunther (Details)
Choumert, Johanna
Institute for Multi-Level Governance and Development IN (Details)
Research Institute for Spatial and Real Estate Economics FI (Details)
Research areas (Ă–STAT Classification 'Statistik Austria')
1807 Economic geography (Details)
5300 Economics (Details)
5329 Economics of location (Details)
5330 Site selection (Details)
5332 Transport economics (Details)
5351 Public economy (Details)
5606 Spatial research (Details)
5611 Urban and regional analysis (Details)
5612 Economics of location (Details)
5618 Regional economy (Details)
5702 Population statistics (Details)
5915 Economic geography (Details)
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