The effect of commuting cost to employment centers on urban property values : a spatial analysis in Bogotá, Colombia

We study the effect that changes of commuting costs to intra urban employment centers may have on property prices in Bogotá, Colombia. To explore the relationship between prices and communing costs, we use a difference in difference spatial model. Parametric and non-parametric estimations suggest a negative and significant impact of commuting costs on property values for dwellings far away from employment centers. The estimated price elasticity with respect to commuting costs for housing located in distant zones, indicates that a 1% increase in fuel price, reduces property values in 1.48%. Nonparametric Geographically Weighted Regression (GWR) showed to outperform traditional Spatial Autoregressive (SAR, SEM) models.

• Autores: Carriazo Osorio, Fernando; Peñaranda Mogollón, Alvaro Julián
• Tipo de recurso: Work document
• Fecha de publicación: 2015
• Institución: Universidad de los Andes
• Repositorio: Séneca: repositorio Uniandes
• Idioma: eng
• OAI Identifier: oai:repositorio.uniandes.edu.co:1992/8596
• Acceso en línea: http://hdl.handle.net/1992/8596
• Palabra clave: Spatial econometrics; Non-parametric methods; Hedonic model; Commuting costs; Desplazamiento de personas - Costos - Bogotá (Colombia); Espacio en economía; Estadística no paramétrica; Análisis de regresión; C14, C21, R21, R31, R32
• Rights: openAccess
• License: http://creativecommons.org/licenses/by-nc-nd/4.0/