Validating Stated Preference Surveys Through
The Use Of Hedonic Regression Models With An
Application To Housing Prices Around Transit
Oriented Developments
Author(s)
B. Smith & D. Olaru
Abstract
A survey of factors affecting residual relocation choices for families who had
recently moved onto the Mandurah Railway corridor (Perth, Western Australia)
has been undertaken using stated preference methods. While stated preference
models are appropriate tools for valuating attributes of choice, there remains the
concern of realism in an experimentally controlled environment. In this paper we
validate stated preference models using hedonic pricing regressions based on
observed real estate prices for three Perth-Mandurah Railway precincts. The
results of the regressions are compared to those of the discrete choice models by
examining the levels of significance of housing or neighbourhood characteristics
in each modelling paradigm, as well as a comparison of the closeness of the
valuations for these characteristics.
The findings indicate that factors affecting residential location are consistent
whether observed by experimental data or by revealed choices in the market.
From a planning perspective, the results indicate that not only housing features,
but also neighbourhood characteristics such as proximity to public transport hubs
or local schools affect residential property values.
Keywords: discrete choice modelling, hedonic regressions, housing attribute
valuation, transit-oriented development.
1 Introduction
This research investigates similarities and differences between hedonic pricing
and discrete choice modelling for housing valuation along transit-oriented
Keywords
discrete choice modelling, hedonic regressions, housing attribute
valuation, transit-oriented development
Related Book
Other papers in this volume
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