Hedonic approaches based on spatial econometrics and spatial statistics: application to evaluation of project benefits |
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| Authors: | Morito Tsutsumi Hajime Seya |
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| Institution: | (1) Department of Policy and Planning Sciences, University of Tsukuba, Tennodai 1-1-1, Tsukuba, Ibaraki, Japan;(2) PASCO Corporation, Higashiyama 1-1-2, Meguro, Tokyo, Japan |
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| Abstract: | This study discusses the theoretical foundation of the application of spatial hedonic approaches—the hedonic approach employing
spatial econometrics or/and spatial statistics—to benefits evaluation. The study highlights the limitations of the spatial
econometrics approach since it uses a spatial weight matrix that is not employed by the spatial statistics approach. Further,
the study presents empirical analyses by applying the Spatial Autoregressive Error Model (SAEM), which is based on the spatial
econometrics approach, and the Spatial Process Model (SPM), which is based on the spatial statistics approach. SPMs are conducted
based on both isotropy and anisotropy and applied to different mesh sizes. The empirical analysis reveals that the estimated
benefits are quite different, especially between isotropic and anisotropic SPM and between isotropic SPM and SAEM; the estimated
benefits are similar for SAEM and anisotropic SPM. The study demonstrates that the mesh size does not affect the estimated
amount of benefits. Finally, the study provides a confidence interval for the estimated benefits and raises an issue with
regard to benefit evaluation. |
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| Keywords: | |
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