caa a22 4500 445316306 CHVBK 20180317142648.0 cr unu---uuuuu 170323e20111001xx s 000 0 eng 10.1007/s11146-009-9221-z doi (NATIONALLICENCE)springer-10.1007/s11146-009-9221-z Inconsistency in Welfare Inferences from Distance Variables in Hedonic Regressions [Elektronische Daten] [Justin Ross, Michael Farmer, Clifford Lipscomb] In hedonic analysis, a common approach for eliciting information regarding the welfare significance of some landmark or (dis)amenity is to control for its distance from each observation. Unfortunately, the effects of distances to amenities on housing prices are generally not consistent indicators of the true price impact of that amenity. Instead these variables serve as proxies for the relative position of every observation in space. Whenever a household considers more than two landmarks in a housing purchase, distance variable parameter estimates are simply the best linear fitted weights for that multiple criteria location decision. Simulations illustrate extreme sensitivity in parameter estimates to the researcher's choice of landmarks. One strategy models the location of each observation directly instead of its distances to amenities. Using the quadratic controls of longitude and latitude controls for location effects on price to assure unbiased estimates of non-distance variable regressors. Springer Science+Business Media, LLC, 2009 Hedonic nationallicence Distance nationallicence Sensitivity analysis nationallicence Ross Justin School of Public & Environmental Affairs, Indiana University, 47405, Bloomington, IN, USA aut Farmer Michael Department of Agricultural and Applied Economics, Texas Tech University, Agricultural Sciences Building—Box 42132, 79409, Lubbock, TX, USA aut Lipscomb Clifford Department of Marketing and Economics, Langdale College of Business Administration, Valdosta State University, 31698-0075, Valdosta, GA, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/3(2011-10-01), 385-400 0895-5638 43:3<385 2011 43 11146 https://doi.org/10.1007/s11146-009-9221-z text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-009-9221-z text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Ross Justin School of Public & Environmental Affairs, Indiana University, 47405, Bloomington, IN, USA aut NATIONALLICENCE 700 1- Farmer Michael Department of Agricultural and Applied Economics, Texas Tech University, Agricultural Sciences Building—Box 42132, 79409, Lubbock, TX, USA aut NATIONALLICENCE 700 1- Lipscomb Clifford Department of Marketing and Economics, Langdale College of Business Administration, Valdosta State University, 31698-0075, Valdosta, GA, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/3(2011-10-01), 385-400 0895-5638 43:3<385 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer