An Empirical Analysis of the Effect of Sub-Divisions of American Viticultural Areas on Wine Prices: A Hedonic Study of Napa Valley

2020 ◽  
Vol 15 (3) ◽  
pp. 312-329
Author(s):  
Grant Bartlett Keating
Keyword(s):  
Hedonic Pricing ◽  
Pricing Model ◽  
Price Effect ◽  
Wine Grapes ◽  
Hedonic Pricing Model ◽  
Napa Valley ◽  
Price Effects ◽  
The Individual ◽  
The Impact ◽  
Unique Dataset

AbstractAmerican Viticultural Areas (AVAs) are descriptors of where wine grapes are grown that are designed to capture qualities unique to the wine and to influence its price. Sub-AVAs are sub-divisions of well-known AVAs designed to have the same effect. In this paper, I study the impact of the Napa Valley Sub-AVA system on the pricing and rating of Napa Valley wines. The analysis utilizes a primary hedonic pricing model to isolate both the individual Sub-AVA's price effect and the system's cumulative price effect. This study uses a unique dataset of 5,017 Napa Valley wines reviewed by the Connoisseurs’ Guide to California Wine over the 10-year period from 2004–2013. Estimated price effects persist even after controlling for rating differences, implying that consumers value the wines of sub-AVA's independently of critics’ ratings. These results indicate that Sub-AVAs deliver a more substantial price effect than previous literature has suggested. (JEL Classifications: C01, L10, L66, O13)

scholarly journals The Impact of Subway Lines on Residential Property Values in Tianjin: An Empirical Study Based on Hedonic Pricing Model

2016 ◽  
Vol 2016 ◽  
pp. 1-10 ◽  
Author(s):  
Hui Sun ◽  
Yuning Wang ◽  
Qingbo Li
Keyword(s):  
Real Estate ◽  
Property Values ◽  
Northern China ◽  
Hedonic Pricing ◽  
Urban Traffic ◽  
Pricing Model ◽  
Land Rent ◽  
Hedonic Pricing Model ◽  
Real Estate Prices ◽  
The Impact

The construction of subways has an external impact on the urban environment. Among them, the most important acceleration function lies in the property values of housing near subway stations. Tianjin, the largest open coastal city in Northern China, is selected as the subject of the research in this paper by virtue of its unique background. The Hedonic Pricing Model is used in analysing the change in the value of the properties located within 1,000 metres of completed subway line 3 stations. Using the theories of land rent and land location, and a model of the impact of urban traffic on the surrounding real estate prices, we analyse the sphere of influence of Tianjin Metro Line 3 on real estate prices. Finally, the paper stresses the importance of urban construction and subway building and finds that different development strategies should be used according to the characteristics of the subway in various regions of the city.

scholarly journals Land Pricing Model: Price Re-evaluation Due to the Erosion and Climate Change Effects

2020 ◽  
Vol 12 (4) ◽  
pp. 111-121
Author(s):  
Josef Slaboch ◽  
Lukáš Čechura
Keyword(s):  
Climate Change ◽  
Explanatory Power ◽  
Hedonic Pricing ◽  
Numerical Code ◽  
Pricing Model ◽  
Hedonic Pricing Model ◽  
Climate Change Effects ◽  
Unit Code ◽  
Ecological Unit ◽  
The Impact

The aim of this study is to derive and apply the hedonic approach for determining and updating official land prices with respect to e.g. the impact of climate change that has occurred in the conditions of the Czech Republic in recent years. Pricing using the hedonic method is based on capturing individual factors separately. The evaluated soil ecological unit code consists of a 5-digit numerical code, which expresses the affiliation to the climate region (0-9, see table 1), the main soil unit (0-78), the slope of the land and the orientation to the point of the compass (0-9) and also the depth of the soil profile and skeletality (0-9). The derived hedonic pricing model is estimated using heteroscedasticity corrected estimator. The fitted model shows considerably high explanatory power and together with high parameter significance for majority of dummy variables (soil characteristics) as well as with theoretical and logical consistency represent a tool for new official land price settings in the process of land reevaluation due to the erosion and climate change effects.

scholarly journals Hedonic Price for Amenities in Rural and Urban Residential Condominiums in Costa Rica

2021 ◽  
Vol 29 (3) ◽  
pp. 52-64
Author(s):  
Javier Paniagua-Molina ◽  
Johanna Solórzano-Thompson ◽  
Carlos González-Blanco ◽  
David Barboza-Navarro
Keyword(s):  
Costa Rica ◽  
Hedonic Pricing ◽  
Hedonic Price ◽  
Pricing Model ◽  
Purchasing Decisions ◽  
Hedonic Pricing Model ◽  
Rural And Urban ◽  
External Variables ◽  
The Impact ◽  
Total Price

Abstract As the number of homes located in condominiums increases, investigations should be promoted to determine the implied price of additional amenities over the total price of the property. This study evaluated the impact of multi-attribute and construction variables on the value of condominiums in Costa Rica, using a hedonic pricing model of the amenities that influence the total price. Information from condominiums located in all provinces of the country was used to determine the importance of the variables studied. Through multiple regression analysis, it was determined that nine amenities explain the behavior of the total price. This study shows that the project’s internal and external variables have a significant effect on sales prices and consumers’ purchasing decisions. The most significant variables were income, construction area, access to a pool and gym, and the type of condominium.

scholarly journals Measuring the Impact of Church Externalities on House Prices

2013 ◽  
Vol 16 (4) ◽  
pp. 53-68 ◽  
Author(s):  
Gabriel K. Babawale
Keyword(s):  
House Prices ◽  
Hedonic Pricing ◽  
Common Belief ◽  
Pricing Model ◽  
Negative Externalities ◽  
Bottom Line ◽  
Hedonic Pricing Model ◽  
Positive Externalities ◽  
Residential Properties ◽  
The Impact

This study extends literature that empirically investigates the impact of the externalities generated by churches on prices of nearby residential properties with particular reference to selected areas in Lagos, Nigeria; but with some implications for economic studies in other parts of the world The study hypothesized that the proximity of a church has nosignificant effect (positive or negative) on house prices. The hypothesis is tested with a standard hedonic pricing model using the net rents of 450 apartments (flats) across the study area. The results confirmed the more common belief that neighborhood churches, particularly the larger ones, impact on the values of nearby residential properties negatively. It is further revealed that where a more powerful positive externalities exists side-by-side, the effects of the negative externalities can be considerably tempered or completely overshadowed. The results bring to light the environmental, social and economic (the triple bottom line) implications of the externalities generated by neighborhood churches in the study area. It is expected to assist urban planners, the courts, mortgagees and real estate valuers in resolving the controversies on the nuisance versus amenity effects of neighborhood churches.

scholarly journals Determinants of the Price of Housing in the Province of Alicante (Spain): Analysis Using Quantile Regression

2019 ◽  
Vol 11 (2) ◽  
pp. 437 ◽  
Author(s):  
Raul-Tomas Mora-Garcia ◽  
Maria-Francisca Cespedes-Lopez ◽  
V. Raul Perez-Sanchez ◽  
Pablo Marti ◽  
Juan-Carlos Perez-Sanchez
Keyword(s):  
Multivariate Analysis ◽  
Quantile Regression ◽  
Ordinary Least Squares ◽  
Hedonic Pricing ◽  
Average Price ◽  
Pricing Model ◽  
Hedonic Pricing Model ◽  
Adequate Funding ◽  
The Impact ◽  
The Relationship

After almost a decade of crisis, the housing market in Spain shows significant signs of recovery, with increases in both the average price and the number of sales transactions. Housing is the main asset for the majority of households, and it also has the most resources devoted to it, thus, when it comes to buying a residence, people do not only look at the asset’s intrinsic characteristics, but also consider other particularities such as the neighbourhood, accessibility to services, availability of public transport or adequate funding. The study aimed to analyse and quantify the relationship that exists between the asking price of second-hand housing on the market in Alicante and the attributes that characterise them. This was done using a multivariate analysis to estimate a hedonic pricing model by ordinary least squares and a quantile regression to analyse the impact of the characteristics in different price ranges. The results show the segmentation of the prices in the Alicante market, with higher prices in the northern coastal area over the southern and inland comarcas.

scholarly journals Evaluating the Impact of Floods on Housing Price Using a Spatial Matching Difference-In-Differences (SM-DID) Approach

2021 ◽  
Vol 13 (2) ◽  
pp. 804
Author(s):  
Jean Dubé ◽  
Maha AbdelHalim ◽  
Nicolas Devaux
Keyword(s):  
Housing Price ◽  
Hedonic Pricing ◽  
Environmental Amenities ◽  
Sale Price ◽  
Difference In Differences ◽  
Hedonic Pricing Model ◽  
The Difference ◽  
And Control ◽  
The Impact ◽  
The City

Many applications have relied on the hedonic pricing model (HPM) to measure the willingness-to-pay (WTP) for urban externalities and natural disasters. The classic HPM regresses housing price on a complete list of attributes/characteristics that include spatial or environmental amenities (or disamenities), such as floods, to retrieve the gradients of the market (marginal) WTP for such externalities. The aim of this paper is to propose an innovative methodological framework that extends the causal relations based on a spatial matching difference-in-differences (SM-DID) estimator, and which attempts to calculate the difference between sale price for similar goods within “treated” and “control” groups. To demonstrate the potential of the proposed spatial matching method, the researchers present an empirical investigation based on the case of a flood event recorded in the city of Laval (Québec, Canada) in 1998, using information on transactions occurring between 1995 and 2001. The research results show that the impact of flooding brings a negative premium on the housing price of about 20,000$ Canadian (CAN).

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