<p>In this thesis I estimate a monetary value of the risk attached to living near a hazardous waste</p><p>site in the town of Teckomatorp. This site is the result of hundreds of rusty leaking barrels of</p><p>toxins being buried in the ground by the company BT Kemi in the 1970’s. Ever since then the</p><p>site has been remediated in several steps and is still contaminated today. For estimating the</p><p>perceived risk of living near this site I use a hedonic price model (HP) which is a form of a</p><p>revealed preference approach. In a HP model the price of a market good is a function of</p><p>different utility-bearing characteristics and the estimated parameters can be used to calculate</p><p>the implicit prices of these characteristics. In this case I use a data set from the National</p><p>Swedish Institute for Building Research (IBF) and regress property price on a number of</p><p>housing characteristics. I compare an estimated town-effect for Teckomatorp with the</p><p>estimates for two control towns: Billeberga and Anderslöv. I can confirm my hypothesis that,</p><p>after controlling for housing characteristics, there is a negative effect on prices of property in</p><p>Teckomatorp. I find that property prices are on average 46878 SEK lower in Teckomatorp</p><p>than in the two control towns.</p>

This study employs the data from real estate transactions provided by the Department of Land Administration. This study uses the Hedonic Price method and the Difference-in-Difference method to analyze the impact of indoor and outdoor properties on housing prices. In our study, the properties of floor space, stories, age, proximity to MRT stations, and proximity to elementary schools are important factors affecting the housing prices. The results estimated by Difference-in-Difference method show that the coefficient on homes within 500 meters distance of the MRT stations and the coefficient after MRT operating are both significantly positive on housing prices. Although the coefficient on the interaction term is positive, it is not statistically significant.

In this thesis I estimate a monetary value of the risk attached to living near a hazardous waste site in the town of Teckomatorp. This site is the result of hundreds of rusty leaking barrels of toxins being buried in the ground by the company BT Kemi in the 1970’s. Ever since then the site has been remediated in several steps and is still contaminated today. For estimating the perceived risk of living near this site I use a hedonic price model (HP) which is a form of a revealed preference approach. In a HP model the price of a market good is a function of different utility-bearing characteristics and the estimated parameters can be used to calculate the implicit prices of these characteristics. In this case I use a data set from the National Swedish Institute for Building Research (IBF) and regress property price on a number of housing characteristics. I compare an estimated town-effect for Teckomatorp with the estimates for two control towns: Billeberga and Anderslöv. I can confirm my hypothesis that, after controlling for housing characteristics, there is a negative effect on prices of property in Teckomatorp. I find that property prices are on average 46878 SEK lower in Teckomatorp than in the two control towns.

The main target of the thesis is to analyze the relationship of prices and access to urban green area for the selected location of the city, such as the substrate to determine values of urban greenery. This work is built on the application of the Hedonic pricing method.The thesis is divided into 4 parts. The study of literature was created the first chapter, which deals with the value of the green space, the environment in the Czech Republic and abroad, method of environmental valuation and the history of the Hedonic price method and his used. The second chapter contains target and methodology of work. The methodology describes the different steps of the methods of work. In the second part is the specification of the model, which is applied in the analysis. In this part is mentioned characteristic of the properties and collection of data. In the third chapter data analysis is divided in specific parts of the sections. The data are evaluated for the entire area, and then compare the area itself.

Open space provides a wide range of ecosystem services to communities. In growing communities, open space offers relief from congestion and other negative externalities associated with rapid development. To make effective policy and planning decisions pertaining to open space preservation, it is important to estimate monetary values of its benefits. In addition, assessing public opinions regarding open space provides information on demand and how residents value open space. This study estimated the monetary value of open space in Mississippi and Alabama Gulf Coast communities. The study also collected information on coastal residents’ attitudes towards open space, working waterfronts, and their willingness to support waterfront open space preservation monetarily. Two methodological approaches were employed to estimate the monetary value of waterfront open space: contingent valuation (CVM) and hedonic price (HPM) methods. Data were collected using a mail survey, the Multiple Listing Service (MLS), and publicly available data sources such as the U.S. Census. Data were analyzed using an interval regression, ordinary least squares, and geographically weighted regression (GWR) models. Mail survey results indicated that the majority of residents valued open space and were willing to pay from $80.52 to $162.14 per household as estimated by four different interval-censored econometric models. Respondent’s membership in groups promoting conservation goals, income, age, and residence duration were major factors associated with their willingness to pay. Results from the HPM indicated proximities to waterfronts, with the exception of bayous, were positively related to home prices, suggesting open space produced positive economic benefits. Findings from the HPM analysis using publicly available data were consistent and comparable with the results from the HPM that used MLS data. This similarity of results indicates the use of publicly available data is feasible in HPM analysis, which is important for broad applications of the method during city planning. In addition, GWR estimates provided site specific monetary values of waterfront open space benefits, which will be helpful for policymakers and city planners in developing site-specific conservation and preservation strategies. Findings can help formulate future decisions related to alternative development scenarios of coastal areas and conservation efforts to preserve open space.

In my thesis I deal with the effects of noise on real estate prices in our capital city. The aim is to estimate the traffic noise impact on property prices, using the hedonic price method. Hedonic price analysis is a useful tool for evaluating the impact of environmental policies, especially for assessing measures aiming to reduce traffic noise, and for apprising landscape architecture during the forming of green quiet areas in the city. In the theoretical part of the thesis I deal with the noise characteristics, hedonic price method, and searches of foreign studies that are centered on the benefits of the silence in households. From these studies, I deduced how the noise affects the real estate market, defined the determinants of the real estate valuation, and showed the appropriate format of these determining variables. The practical part of my work focuses on estimating the effect of particular characteristics of a property on its price. From the noise and real estate price data plotted on the map of Prague, I evaluate the relationship between the noise reading and the real estate price, using the econometric analysis. According to my findings, the negative correlation has been proven to be of a significant measure.

有鑒於以往房價泡沫文獻較少探討泡沫與房屋特徵間的關係，本文援引特徵價格法研究內外部特徵對房價泡沫的影響。藉由所建構之台中市房屋交易個案資料庫，將交易區分為獨立式住宅與集合式住宅，並考量明星學區環域的影響，全面納入「建築內部」、「教育」、「休閒」、「生活機能」、「區位」、「交通」、「安全」、「鄰避設施」八類衡量生活品質的房屋特徵，以房價泡沫取對數值作為應變數，住宅與各類設施距離取對數值為自變數，將樣本區分為六十五個學區進而實證歸納出學區環域內容易被炒作的特徵。 房地產市場中的獨立式住宅及集合式住宅兩大類商品，其在追求生活品質的同時符合Hotelling模型極小化產品差異的結果，由研究成果顯示集合式住宅渴望在繁榮的鬧區保有安靜的生活環境，而獨立式住宅則是在空曠的郊區追求生活機能，前者為「鬧中取靜」，後者為「靜中取鬧」，換言之集合式住宅與公園綠地等休閒設施距離越近泡沫越大，但對於會帶來大量車流和人潮的交通樞紐及大型遊樂場所等則是距離越遠，泡沫越大，獨立式住宅方面則是距離連鎖餐飲、便利商店等生活機能設施越近，泡沫越大。 / Since there were not many papers focusing on the topic of the relationship between bubbles and housing characteristics, this paper studies the internal as well as the external causes of housing bubble by adopting the canonical Hedonic Pricing Method. By utilizing a constructed unique database composed of Taichung housing transactions, the detailed features of transactions on the detached houses and condominiums can be investigated. The "Building Interior", "Education", "Leisure", "Living Infrastructure", "Location", "Transportation", "Security", and "NIMBY" are collected as the measurement of quality of life in housing characteristics to complement the Star School District impact in the educational buffer. Using the level of house price bubbles as dependent variable and dividing the selected area into 65 school districts, and discover what factors are used for house price speculation. The results show similar demand on the quality of life, in line with Hotelling Model, in both the transactions of detached houses and condominiums. The residents of condominium; however, prefers living in the prosperous urban area with Serene environment whereas the occupants of detached house would choose to live in the spacious suburban area with decent local living facilities. In other words, the closer the condominiums are with leisure facilities, such as public park, and the further they are with facilities that gathers crowd and traffic, such as transportation hub and entertainment facilities, the larger the bubble. The further the detached houses are with living function facilities such as chain restaurants, convenient stores, the larger the bubble.

Master's thesis is focused on the problem of the economic impacts of floods on the property market in Prague. Aim of this work is to clarify whether the floods affect the price of real estate and to what extent. Hypothesis is that floods affect the price of property in flood plains. This effect is determined by the hedonic price model (HPM) for the analysis of secondary data. The theoretical part explains the risk of flooding and floodplains mapping. This section further explains the whole hedonic model and reviewed studies provide a research procedure outside the Czech Republic region. The practical part deals with the exploratory analysis, regression analysis and hedonic price modeling based on the implicit price of flooding. Finding of the thesis is the fact that property prices in Prague are affected by the Q100 flood plains resulting in positive and negative impact confirmed by a log-log weighted least squares regression model. It is shown that implicit price of flooding far exceeds the cost of building flood protection measures in Prague.

行動電話基地台設施近年來已逐漸成為一另類「鄰避設施」，然而其對於周遭不動產價值減損程度如何，國內尚缺乏相關研究。本文首先採用問卷調查法以瞭解居民對於行動電話基地台的相關看法及居民認知行動電話基地台對於住宅價格的影響程度；其次運用特徵價格法對於實際不動產成交價格資料，以迴歸分析方式驗證行動電話基地台對周遭住宅價格是否有影響及其影響程度。 研究結果發現無論問卷調查或特徵價格實證分析皆顯示行動電話基地台對周遭住宅價格影響是負面的，問卷調查的受訪者普遍對基地台設施存有負面觀感，且有高達54.4﹪的受訪者認為該設施對周遭住宅價格的負面影響程度在10﹪以上；而在特徵價格實證分析方面，研究地區內房屋所在樓層較高者（七樓以上）相較於較低者（七樓以下），其住宅價格更容易受到行動電話基地台設施的負面影響，而住宅價格因距離行動電話基地台遠近因素所受到折損程度平均約為2.35﹪，惟行動電話基地台設施之可視性因素對住宅價格的影響並不顯著。 / The cellular phone towers has become another NIMBY, although the absence of domestic research for how detract from real estate's value. The article first use the Questionnaire Investigation method’s way to realize that people’s opinion of cellular phone towers and cognition of the effective level of cellular phone towers on house’s price ; secondly use Hedonic Price Method on real estate's value, by using Regression Analysis’s way to prove the impact of cellular phone towers on house’s price . In which we found no matter Questionnaire Investigation or Regression Analysis both announces that the effective level of cellular phone towers on house’s price is negative, there are up to 54.4% of subjects involved in the survey though that the negative influence is above 10% ; on Hedonic Price Method’s way, the house whereabouts higher stairs on the area of researchs, its price is more easy effected by cellular phone towers than the lower one. And the house's price is effected by the distance of cellular phone towers that the average of detractive level is about 2.35%.Only the effect on cellular phone towers of the cause of visual by house price was not broad.

由於過去數年間金融業者對於授信品質控管的鬆散，產生國內數量及金額龐大的不良債權，資產管理公司也在此時先後成立，不良資產市場亦因而逐漸熱絡，在整體不動產市場占有一席之地。 從過去文獻可得知影響不動產價格之因素數量眾多，但過去較重視實質屬性對於不動產價格之影響，而較忽略非實質因素對於處分價格的影響，其中有關討論時間因素之研究更為稀少；然而由於不良資產同時包含了一般不動產的特徵屬性（如土地、建物面積及區位）與不良資產專有的特徵屬性（如債務人屬性、處分時間），因此進一步研究影響不良資產處分價格之因素便相對重要。 本研究目的主要在於探討影響不良資產處分時間因素對於不良資產處分價格之影響，以供投資人或公司更重視時間因素對於處分不良資產所產生的成本與效益，作為相關單位評估與處分價格之參考。 因此，本文首先探討影響不良資產處分價格之因素種類，並透過特徵價格法建置不良資產特徵價格模型，並進行實證分析，分析探討時間以及相關因素對於不良資產價格的影響關係與程度。 實證結果顯示處分時間、區位、土地面積、建物面積、利率與債務人屬性對於不良資產處分價格有正向的影響力，唯利率因素雖顯著但與假設不符，本研究認為與投資人之行為與心態有關，或因買方之資金成本隨利率提高而增加。 另特別就處分時間因素而言，實證結果顯示當不良資產處分時間越長，價格越高，因此，應合理延長標的物之市場曝光期，以提高資產的處分價格。雖然延長處分時間，相對機會成本亦增加，但投資人或金融機構應在法務流程上更有彈性，以利不良資產的回收。因此藉由本文之研究成果，希冀提供金融機構或資產管理公司處分不良資產時，應謹慎考量處分時間與處分價格間的得失權宜，擬定最適處分策略。 / Due to the loosening credit in the past few years, Taiwan’s non-performing loans, both in terms of volume and amount, burgeoned, resulting in rapid growth of establishments of asset management companies. NPLs consequently became one asset class that was highly sought after in the overall real estate market in Taiwan. From past literatures we understand that there are various factors affecting real estate prices. However, most studies focused on the physical attributes of the underlying real estate, rather than non-physical attributes’ effect on real estate prices. Even more rare are studies that focus on the impact of time. Since non-performing loans encompass both performing real estates’ attributes (land and building area, and location) and non-performing real estates’ attributes (characteristics of debtors and days on market), further study on such factors that affect the real estate prices should be warranted. This paper is to probe the effects of days on market on non-performing loans’ prices. This paper should help investors (including asset management companies) understand the importance of time in regards to its effect on the cost and benefits when disposing NPLs. Therefore, this paper first explores the different factors that affect the prices of NPLs by using Hedonic price method to build models to determine the prices, and then uses real examples to analyze the relationship and magnitude of time and other factors’ impact on NPLs’ prices. Empirical data suggests that days on market, location, land area, building area, interest rate, and borrower types all have positive impact on the prices of NPLs. Interest rate, although showed positive relationship, did not fit the hypothesis, which is probably due to investors’ behavior or mindset or increase in cost of funding as interest rate rises. Specifically for days on market, empirical results manifest that the longer the time on market, the higher the resolution price is. Therefore, it is recommended to reasonably lengthen the days on market to achieve higher resolution price. Although the increase in days on market will increase the opportunity cost, investors and financial institutions should be able to enjoy more flexibility in the legal process, thereby resulting in better recovery. Finally, through the research of this paper, financial institutions and AMCs should carefully consider the cost/benefit between time on market and resolution prices to achieve optimal resolution strategy.