caa a22 4500 606165886 CHVBK 20210128100655.0 cr unu---uuuuu 210128e20150301xx s 000 0 eng 10.1007/s00168-015-0657-1 doi (NATIONALLICENCE)springer-10.1007/s00168-015-0657-1 The value of the greenbelt in Vienna: a spatial hedonic analysis [Elektronische Daten] [Shanaka Herath, Johanna Choumert, Gunther Maier] 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. Springer-Verlag Berlin Heidelberg, 2015 Herath Shanaka Faculty of the Built Environment, City Futures Research Centre, University of New South Wales, 2052, Sydney, Australia aut Choumert Johanna CERDI-CNRS, Université d'Auvergne, 65, Boulevard F. Mitterrand, 63000, Clermont-Ferrand, France aut Maier Gunther Institute for Multilevel Governance and Development / Research Institute for Spatial and Real Estate Economics, WU-Vienna University of Economics and Business, Welthandelsplatz 1, 1020, Vienna, Austria aut The Annals of Regional Science Springer Berlin Heidelberg 54/2(2015-03-01), 349-374 0570-1864 54:2<349 2015 54 168 https://doi.org/10.1007/s00168-015-0657-1 text/html Onlinezugriff via DOI BK010053 XK010053 XK010000 Metadata rights reserved Springer special CC-BY-NC licence nationallicence 1 research-article jats NATIONALLICENCE NATIONALLICENCE NL-springer NATIONALLICENCE 856 40 https://doi.org/10.1007/s00168-015-0657-1 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Herath Shanaka Faculty of the Built Environment, City Futures Research Centre, University of New South Wales, 2052, Sydney, Australia aut NATIONALLICENCE 700 1- Choumert Johanna CERDI-CNRS, Université d'Auvergne, 65, Boulevard F. Mitterrand, 63000, Clermont-Ferrand, France aut NATIONALLICENCE 700 1- Maier Gunther Institute for Multilevel Governance and Development / Research Institute for Spatial and Real Estate Economics, WU-Vienna University of Economics and Business, Welthandelsplatz 1, 1020, Vienna, Austria aut NATIONALLICENCE 773 0- The Annals of Regional Science Springer Berlin Heidelberg 54/2(2015-03-01), 349-374 0570-1864 54:2<349 2015 54 168