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MARTINEZ, Francisco, PAGLIARA, Francesca, and TRAMONTANO, Adriano
Subjects
HEDONISTIC consumption, MARKET value, MICROECONOMICS, EXTREME value theory, RESIDENTIAL real estate, RAILROAD stations
Abstract
The article discusses hedonic price theory and proposes a new formulation derived from assuming that bids for dwellings follows the extreme value Frȳchet distribution. The hedonic pricing method is used for estimating the market value of certain characters or services. The author tests the hedonic value of accessibility on residential properties near a high speed rail (HSR) station in Great Britain. It is assumed that land is auctioned to best bidders.
Published
2013
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