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Open AccessArticle

How is Location Measured in Housing Valuation? A Systematic Review of Accessibility Specifications in Hedonic Price Models

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The Oslo School of Architecture of Design, Norwegian university, Maridalsveien 29, 0175 Oslo, Norway
2
The Bartlett School of Architecture, University College London, London WC1E 6BT, UK
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Department of Architecture and Civil Engeneering, Chalmers University of Technology, 412 96 Göteborg, Sweden
*
Author to whom correspondence should be addressed.
Urban Sci. 2019, 3(1), 3; https://doi.org/10.3390/urbansci3010003
Received: 20 November 2018 / Revised: 20 December 2018 / Accepted: 21 December 2018 / Published: 26 December 2018
(This article belongs to the Special Issue Formalizing Urban Methodologies)
Accessibility is frequently used for measuring location in housing studies, but specifications of the measures differ greatly and its implications are hardly discussed. This paper sets out to systematically review accessibility measures that are used in hedonic price models (HPM), a method for estimating the implicit value of housing characteristics, such as location. From a systematic database search of peer-reviewed journal articles, we examined 54 articles that applies accessibility measures in hedonic price models that are based on three aspects of measure specification: type, impedance, and opportunities. We find that there are clear couplings between different impedances, types, and opportunities. We also noticed a tendency towards less advanced measurements, such as Euclidean distance and zonal measures, being used. Furthermore, we argue that these basic measures have a weaker connection to consumer perception, which is fundamental to the hedonic price approach. We also observed a lack of consideration to how this coupling between type, impedance, and opportunity could possibly affect the results. Theoretically, we can already conclude that some dominating impedances poorly relate to the fundamental theories of HPM, but this also points to the need for further research to empirically test the influence of the type-impedance-opportunity specification on the price estimates in HPM. View Full-Text
Keywords: accessibility; hedonic price model; systematic review; consumer perception; location accessibility; hedonic price model; systematic review; consumer perception; location
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Heyman, A.V.; Law, S.; Berghauser Pont, M. How is Location Measured in Housing Valuation? A Systematic Review of Accessibility Specifications in Hedonic Price Models. Urban Sci. 2019, 3, 3.

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