Valuing open space : land economics and neighborhood parks

Abstract

The thesis of the work is that statistical analysis can reliably measure individual preferences for different aspects of the built environment. These measurements can be used to understand and critique the effectiveness of existing neighborhoods in meeting the needs of residents, and to develop proposals for new neighborhoods. The research uses hedonic regression analysis to quantify the market value of specific attributes of housing quality, location and neighborhood at sites near Dallas, Texas. Measurements of location value in the form of travel-based rent gradients, proximity measures, and path characteristics are derived from these analyses. The research allows designs to be produced and critiqued with a better understanding of both homeowner preferences and market feasibility. It links the design process to a market-based feedback mechanism, and allows designers to make decisions that are more responsive to a project's social and economic site.