Foram especificados modelos econométricos para estimativas de preços implícitos de atributos selecionados de qualidade em pêssegos comercializados no estado de São Paulo, em três elos da cadeia: produtor, atacado e varejo. Os dados referentes aos preços de venda de pêssegos e às características de qualidade dos frutos (como cor, tamanho, tipos de variedade/espécie e tipos de danos) foram obtidos a partir de cortes seccionais no tempo, classificados da seguinte forma: Produtores: período compreendido entre os anos de 2003 e 2006 para os produtores de uma cooperativa no município de Holambra - SP; Atacadistas: período compreendido entre os anos de 2005 e 2006 para atacadistas da Companhia de Entrepostos e Armazéns Gerais de São Paulo - CEAGESP; Varejistas: ao ano de 2006 para dois varejistas selecionados no município de Piracicaba - SP. O Modelo de Preços Hedônicos foi proposto para valoração das características ao longo desse sistema de pós-colheita para os três elos. Os resultados obtidos permitiram identificar potenciais ganhos nos três elos da cadeia a partir do aprimoramento de atributos de qualidade dessa fruta. Para a análise dos resultados definiu-se que para cada elo há um pêssego-base, com características consideradas \"padrão\" de qualidade pelo mercado e pela literatura. Logo, a análise das perdas em função da ocorrência de cada característica foi realizada em relação ao preço estimado do pêssego-base de cada elo, mantendo-se as demais características constantes. Para o elo produtor obteve-se que se os pêssegos fossem comercializados na 2ª semana de janeiro (final da safra), seria observada uma redução de R$ 4,00/kg ou de 71% no preço do pêssego-base deste elo (R$ 5,62/kg). Dentro da classificação das variedades, a \"Flor da Prince\" conferiu maior perda, equivalente a R$ 2,17/kg ou de 39%. Para as classificações referentes ao calibre e à categoria, destacaram-se o \"calibre pequeno\", com perda de R$ 3,52/kg ou de 63% e \"sem categoria\" com perda de R$ 3,47/kg ou de 62%. Já para o elo atacado, se os pêssegos comercializados pertencessem à variedade São Pedro, seria observada uma redução de R$ 4,89/cx ou de 31% no preço do pêssego-base deste elo (R$ 15,69/cx). Em termos de tamanho, se os frutos deste elo apresentassem calibre pequeno, seria observada uma perda de R$ 6,13/cx ou de 39%. Com relação à presença de danos, se cada caixa contivesse uma quantidade média de danos por doença de 50%, seria observada uma redução de R$ 5,29/cx ou de 34%, a partir de uma quantidade média de danos inicial de 5% do pêssego-base. Finalmente, para o elo varejo obteve-se que se os frutos fossem oriundos do Varejão B (de qualidade inferior), o preço do pêssego-base (R$ 5,60/kg) apresentaria uma redução de R$ 0,57/kg ou de aproximadamente 10%. Frutos de calibre pequeno confeririam perdas relevantes, sendo de R$ 1,95/kg ou de 35% do preço estimado para o pêssego-base. Com relação à presença de danos, se as amostras apresentassem uma quantidade média de danos por doença ou mecânicos de 50%, seriam observadas perdas de R$ 2,52/kg e de R$ 0,13/kg ou, em termos relativos, de 45% e 2,35%, respectivamente, a partir de uma quantidade inicial média de danos por doença de 3% e de danos mecânicos de 40% do pêssego-base. / Econometric models were specified to estimate the implicit prices for selected quality attributes of fresh peaches commercialized in the state of São Paulo. Such estimation was conducted in three different stages of the distribution chain, namely, production, wholesale and retail sales. Primary data on the price and quality attributes (such as color, size, varieties and types of damages) of fresh peaches were obtained from cross-sectional selection as follows: Producers: period between 2003 and 2006, data collected from producers from a cooperative located in the municipality of Holambra II, state of Sao Paulo; Wholesalers: period between 2005 and 2006, data collected from wholesalers at Companhia de Entrepostos e Armazéns Gerais de São Paulo - CEAGESP, Sao Paulo; Retailers: year 2006, data collected from two retailers from the municipality of Piracicaba, state of São Paulo. The estimation of Hedonic Prices is proposed as a method to evaluate post-harvest price variations encompassing all three stages: production, wholesale and retail sales. The results obtained lead to the identification of the gains accrued in each stage, deriving from the improvement in the product quality attributes. For analysis of results, one peach-standard (benchmark) was chosen for each stage in the distribution chain, whose standard attributes were defined by market agents and literature. In addition, the loss assessment was given by the presence of each characteristic in estimate price peach-standard stage, while all other factors were held constant. Therefore, the production stage showed that if sales period of peaches occurred in January, 2nd week (end of season), their sale price would decline R$ 4.00/kg or 71% compared to their estimate price of peach-standard (R$ 5.62/kg). Among all varieties, \"Flor da Prince\" showed the most significant loss in estimate price-standard decreasing by R$ 2.17/kg or 39%. As for the classification according to size and category, \"small size\" and \"no category\" (proxy for large level of strong damages) were most pronounced and the implicit prices for them were R$ 3.52/kg and R$ 3.47/kg, respectively, or in relative terms, the estimate price-standard in this stage would have declined 63% and 62%, in that order. Whereas, for the wholesale stage, if peaches were a São Pedro variety, there would be a decline of R$ 4.89/box or 31% from their estimate price of peach-standard (R$ 15.69/box). Regarding the classification by size, if peaches were \"small size\", the sale estimate price of peach-standard would be reduced by R$ 6.13/box or 39%. According to damage quantities, if one box had an average of 50% of disease damages, the sale estimate price of peach-standard would be reduced by R$ 5.29/cx or 34%, starting from an average of initial disease damages at 5%, of peach-standard. Finally, in the retail stage, results suggested that, peaches from Retail B are rated at a lower price (due to the bad quality of the fruits) than the fruits from Retail A (attributed as peach-standard). So, if peaches were from \"Retail B\", the sale estimate price of peach-standard (R$ 5.60/kg) would be reduced by R$ 0.57/kg or 10%. Regarding the classification by size, if peaches were \"small size\", the sale estimate price of peach-standard would be reduced by R$ 1.95/kg or 35%. As for average damages quantities, if one box had 50% of diseases damages or mechanic damages, the sale estimate price of peach-standard would be reduced by R$ 2.52/kg and R$ 0.13/kg or, in relative terms, 45% and 2.35%, respectively, 3% diseases damages quantity and 40% mechanic damages quantity, an average, at the beginning analysis of peach-standard.

A presente dissertação tem o objetivo de investigar o impacto da proximidade e da qualidade das escolas no preço das residências do município de São Paulo. Mais especificamente, o estudo avalia como o mercado imobiliário de residências capitaliza a presença e a qualidade das escolas públicas e privadas de Ensino Fundamental de primeira a quarta série. São Paulo combina um sistema de ensino público que tem a regra de matrícula baseada na proximidade da residência à escola com um sistema privado bem desenvolvido, disponibilizando cerca de 800 escolas apenas neste nível de ensino. Utilizando uma extensa base de dados de lançamentos residenciais no período de janeiro de 2002 a março de 2008, foram encontradas evidências de que, em média, o mercado imobiliário da cidade de São Paulo não capitaliza a proximidade nem a qualidade das escolas, tanto públicas quanto privadas. Fatores como a proximidade aos principais centros de empregos da cidade e características da vizinhança, como proximidade a favelas, parecem prevalecer no processo de decisão sobre a localização da residência. Todos esses resultados foram obtidos através da estimação de modelos hedônicos cuja especificação foi definida com base nos modelos de economia urbana e nos princípios de economia espacial. / The aim of this dissertation is to measure how the housing market in the city of São Paulo capitalizes the proximity and the quality of public and private primary schools. São Paulo combines a public system with registration based on the residences proximity to school with a well developed private system, which provides approximately 800 schools as an alternative primary education for children. Using an extensive database of new residential developments during the period of January 2002 to March 2008, the results show evidences that the housing market in São Paulo does not capitalize the proximity neither the quality of primary public and private schools. The results were obtained through the estimation of hedonic models whose specification was defined based on the models of urban economics and the principles of spatial economics

Foram especificados modelos econométricos para estimativas de preços implícitos de atributos selecionados de qualidade em pêssegos comercializados no estado de São Paulo, em três elos da cadeia: produtor, atacado e varejo. Os dados referentes aos preços de venda de pêssegos e às características de qualidade dos frutos (como cor, tamanho, tipos de variedade/espécie e tipos de danos) foram obtidos a partir de cortes seccionais no tempo, classificados da seguinte forma: Produtores: período compreendido entre os anos de 2003 e 2006 para os produtores de uma cooperativa no município de Holambra - SP; Atacadistas: período compreendido entre os anos de 2005 e 2006 para atacadistas da Companhia de Entrepostos e Armazéns Gerais de São Paulo - CEAGESP; Varejistas: ao ano de 2006 para dois varejistas selecionados no município de Piracicaba - SP. O Modelo de Preços Hedônicos foi proposto para valoração das características ao longo desse sistema de pós-colheita para os três elos. Os resultados obtidos permitiram identificar potenciais ganhos nos três elos da cadeia a partir do aprimoramento de atributos de qualidade dessa fruta. Para a análise dos resultados definiu-se que para cada elo há um pêssego-base, com características consideradas \"padrão\" de qualidade pelo mercado e pela literatura. Logo, a análise das perdas em função da ocorrência de cada característica foi realizada em relação ao preço estimado do pêssego-base de cada elo, mantendo-se as demais características constantes. Para o elo produtor obteve-se que se os pêssegos fossem comercializados na 2ª semana de janeiro (final da safra), seria observada uma redução de R$ 4,00/kg ou de 71% no preço do pêssego-base deste elo (R$ 5,62/kg). Dentro da classificação das variedades, a \"Flor da Prince\" conferiu maior perda, equivalente a R$ 2,17/kg ou de 39%. Para as classificações referentes ao calibre e à categoria, destacaram-se o \"calibre pequeno\", com perda de R$ 3,52/kg ou de 63% e \"sem categoria\" com perda de R$ 3,47/kg ou de 62%. Já para o elo atacado, se os pêssegos comercializados pertencessem à variedade São Pedro, seria observada uma redução de R$ 4,89/cx ou de 31% no preço do pêssego-base deste elo (R$ 15,69/cx). Em termos de tamanho, se os frutos deste elo apresentassem calibre pequeno, seria observada uma perda de R$ 6,13/cx ou de 39%. Com relação à presença de danos, se cada caixa contivesse uma quantidade média de danos por doença de 50%, seria observada uma redução de R$ 5,29/cx ou de 34%, a partir de uma quantidade média de danos inicial de 5% do pêssego-base. Finalmente, para o elo varejo obteve-se que se os frutos fossem oriundos do Varejão B (de qualidade inferior), o preço do pêssego-base (R$ 5,60/kg) apresentaria uma redução de R$ 0,57/kg ou de aproximadamente 10%. Frutos de calibre pequeno confeririam perdas relevantes, sendo de R$ 1,95/kg ou de 35% do preço estimado para o pêssego-base. Com relação à presença de danos, se as amostras apresentassem uma quantidade média de danos por doença ou mecânicos de 50%, seriam observadas perdas de R$ 2,52/kg e de R$ 0,13/kg ou, em termos relativos, de 45% e 2,35%, respectivamente, a partir de uma quantidade inicial média de danos por doença de 3% e de danos mecânicos de 40% do pêssego-base. / Econometric models were specified to estimate the implicit prices for selected quality attributes of fresh peaches commercialized in the state of São Paulo. Such estimation was conducted in three different stages of the distribution chain, namely, production, wholesale and retail sales. Primary data on the price and quality attributes (such as color, size, varieties and types of damages) of fresh peaches were obtained from cross-sectional selection as follows: Producers: period between 2003 and 2006, data collected from producers from a cooperative located in the municipality of Holambra II, state of Sao Paulo; Wholesalers: period between 2005 and 2006, data collected from wholesalers at Companhia de Entrepostos e Armazéns Gerais de São Paulo - CEAGESP, Sao Paulo; Retailers: year 2006, data collected from two retailers from the municipality of Piracicaba, state of São Paulo. The estimation of Hedonic Prices is proposed as a method to evaluate post-harvest price variations encompassing all three stages: production, wholesale and retail sales. The results obtained lead to the identification of the gains accrued in each stage, deriving from the improvement in the product quality attributes. For analysis of results, one peach-standard (benchmark) was chosen for each stage in the distribution chain, whose standard attributes were defined by market agents and literature. In addition, the loss assessment was given by the presence of each characteristic in estimate price peach-standard stage, while all other factors were held constant. Therefore, the production stage showed that if sales period of peaches occurred in January, 2nd week (end of season), their sale price would decline R$ 4.00/kg or 71% compared to their estimate price of peach-standard (R$ 5.62/kg). Among all varieties, \"Flor da Prince\" showed the most significant loss in estimate price-standard decreasing by R$ 2.17/kg or 39%. As for the classification according to size and category, \"small size\" and \"no category\" (proxy for large level of strong damages) were most pronounced and the implicit prices for them were R$ 3.52/kg and R$ 3.47/kg, respectively, or in relative terms, the estimate price-standard in this stage would have declined 63% and 62%, in that order. Whereas, for the wholesale stage, if peaches were a São Pedro variety, there would be a decline of R$ 4.89/box or 31% from their estimate price of peach-standard (R$ 15.69/box). Regarding the classification by size, if peaches were \"small size\", the sale estimate price of peach-standard would be reduced by R$ 6.13/box or 39%. According to damage quantities, if one box had an average of 50% of disease damages, the sale estimate price of peach-standard would be reduced by R$ 5.29/cx or 34%, starting from an average of initial disease damages at 5%, of peach-standard. Finally, in the retail stage, results suggested that, peaches from Retail B are rated at a lower price (due to the bad quality of the fruits) than the fruits from Retail A (attributed as peach-standard). So, if peaches were from \"Retail B\", the sale estimate price of peach-standard (R$ 5.60/kg) would be reduced by R$ 0.57/kg or 10%. Regarding the classification by size, if peaches were \"small size\", the sale estimate price of peach-standard would be reduced by R$ 1.95/kg or 35%. As for average damages quantities, if one box had 50% of diseases damages or mechanic damages, the sale estimate price of peach-standard would be reduced by R$ 2.52/kg and R$ 0.13/kg or, in relative terms, 45% and 2.35%, respectively, 3% diseases damages quantity and 40% mechanic damages quantity, an average, at the beginning analysis of peach-standard.

Numerous media analyses claim that supra-regional multi-resort season passes (mega passes) are negatively impacting skiing, snowboarding, and winter-sport communities. In particular, media claims that ski areas on these season passes are charging higher single-day lift ticket prices to nudge people to buy their season pass products. To test this claim, I use a hedonic pricing model to estimate the impact of season passes on adult single-day lift ticket prices. By applying OLS regressions to a dataset of 302 US ski areas for the winter of 2018-19, I find that the ski areas on the leading season passes (Ikon and Epic Pass) charge price premiums for their adult single-day lift tickets. However, the magnitude of the price premiums is much smaller after controlling for ski area characteristics and regional fixed effects.

This thesis investigates how proximity to parks, historic district designations, and water quality are valued at residential housing prices. The first essay argues that the negative influences of parks and historic districts, if not noticed, could promote negative externalities and unincentivized investments. I find a negative impact on housing values for a close proximity to a park, suggesting disamenities in park features. When the boundary discontinuity and park amenities are considered, I find a positive valuation for a park. Overall, these results imply a mixed influence of parks on homeowners. From the historic district standpoint, I find a positive valuation of the local historic districts over the surrounding neighborhoods. The latter findings indicate that the benefits of locally designated areas outweigh the negative impacts. The second essay researches a probable lead risk in the water supply on the residential market. I argue strongly for the possibility of hidden-type information relative to lead in water supplies. I find that the influence of lead risk in their water supply is not statistically significant. The test for asymmetric information validates the expectation that homes in the relatively high lead-risk neighborhoods might not be informed of the level of lead-risk in their water supply.

過往研究編製房價指數時多在品質固定或控制下，觀察房價的波動趨勢，對於住宅品質的改變如何影響房價則少有說明。而住宅品質為生活品質的一部分，亦為購屋者消費或投資時所關心，然住宅價格與品質間存在何種關係並不清楚，若認為高價格的住宅即代表高品質，則可能存在做出錯誤決策的風險。 本研究利用特徵價格法，探討台北市與台北縣於2000年至2009年間，新推個案與中古屋交易市場住宅品質的改變與房價關係。實證結果發現台北市的標準住宅的品質因改變程度較新北市小，故其對房價指數的波動不如在新北市中明顯。另外，台北市新推個案與中古屋住宅的區位條件無明顯衰退之情形，產品品質亦無明顯的提升；新北市新推個案與中古屋住宅的區位條件皆呈現衰退現象，但新推個案的產品品質則有提升趨勢，而中古屋住宅則是下降的趨勢。 最後，分析住宅價格與品質間的相關性，實證結果發現，新北市的新推個案住宅與台北市的中古屋住宅存在正相關，顯示在此兩種次市場中，支出更多價格購屋亦獲得更好的住宅品質。 / Most of the existing housing price indexes empirical studies are under quality-constant or quality-control, because housing quality change is difficult to measure. In these cases, one does not concerned about that price index, if one interested in consumption or investment. We use hedonic price model discusses the relationship of housing price and housing quality about new housing projects and transacted house during 2000 and 2009 in Taipei City and New-Taipei City. The empirical results show that due to degree of change in housing quality of representative house in Taipei City smaller than in New-Taipei City, so the volatility of the price index was significantly better in New-Taipei City. In addition, the Taipei City housing “location condition” no recession , and no obvious improvement of “structural quality”; New housing projects and transacted house in New-Taipei City, respectively, increase and decline, but the location condition are present recession. Furthermore, we find that there is positive correlation between housing price and quality in Taipei City’s transacted house market and New-Taipei City’s new housing projects market. In these two sub-markets, consumer spending more housing prices and get better housing quality.

Light Rail Transit (LRT) has been getting more attention in U.S. cities due to its socio-economic benefits, such as reducing pollution and congestion, as well as promoting regional economic development. However, huge capital costs remain an obstacle to the construction of a new light rail system. For this reason, cities in the planning phases of LRT want to use value capture tools to finance transit construction and operation. In theory, any improvement in a transportation structure that increases accessibility and reduces transportation cost can be capitalized into property values in an area. In turn, governments levy taxes on a portion of the additional value of adjacent properties. This study, however, aims to empirically examine whether value capture is possible in the recession when property and land values continue to decrease. The study uses the case of the DART Green Line, which started to run in 2009 just after a financial crisis in the U.S. The 5745 residential parcels are analyzed with using a hedonic price model in order to detect the Green Line’s influence on residential values before and after the recession. To enhance the proficiency of the regression, this study includes several structure and neighborhood characteristics. The statistical results found the Green Line’s benefits on residential values both in the pre-Green Line period (before the recession) and the post-Green Line period (during the recession). It is noteworthy there are still positive influences of transit accessibility on residential values even in the unstable housing market, although the magnitude of the variable has diminished compared to the pre-Green Line period. / text

Light rail transit (LRT) systems are tools to help reduce traffic congestion and air pollution, promote high-density development and more affordable housing, and curtail urban sprawl in metropolitan cities throughout the United States. The impact of transit system services on property values has been studied from various perspectives using many statistical approaches. There are two general categories of effects that proximity to a light rail system can have on the value of residential properties: accessibility benefits (experienced in close proximity to the LRT stations) might increase property values, while nuisance qualities (experienced in both proximity to the LRT line and stations) could have a negative effect on residential property values. Due to the opposing nature of these coexisting effects, results from many empirical studies have been contradictory or inconclusive. This report reviews the spectrum of results found by the growing body of literature focusing on the capitalization effects of rail stations on property values. The economic effect of one particular LRT system, the 7.5 mile long METRORail line located in Houston, Texas, on the value of properties within close proximity to rail stations has not been thoroughly examined, as it only opened for service in 2004. This study utilizes property data acquired from the Harris County Appraisal District (HCAD), Geographic Information System (GIS) techniques, and Hedonic Price Models to analyze the impact of the LRT system in the city of Houston, Texas, on the value of residential properties that lie within close proximity to the line’s rail stations. / text

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.

A presente dissertação tem o objetivo de investigar o impacto da proximidade e da qualidade das escolas no preço das residências do município de São Paulo. Mais especificamente, o estudo avalia como o mercado imobiliário de residências capitaliza a presença e a qualidade das escolas públicas e privadas de Ensino Fundamental de primeira a quarta série. São Paulo combina um sistema de ensino público que tem a regra de matrícula baseada na proximidade da residência à escola com um sistema privado bem desenvolvido, disponibilizando cerca de 800 escolas apenas neste nível de ensino. Utilizando uma extensa base de dados de lançamentos residenciais no período de janeiro de 2002 a março de 2008, foram encontradas evidências de que, em média, o mercado imobiliário da cidade de São Paulo não capitaliza a proximidade nem a qualidade das escolas, tanto públicas quanto privadas. Fatores como a proximidade aos principais centros de empregos da cidade e características da vizinhança, como proximidade a favelas, parecem prevalecer no processo de decisão sobre a localização da residência. Todos esses resultados foram obtidos através da estimação de modelos hedônicos cuja especificação foi definida com base nos modelos de economia urbana e nos princípios de economia espacial. / The aim of this dissertation is to measure how the housing market in the city of São Paulo capitalizes the proximity and the quality of public and private primary schools. São Paulo combines a public system with registration based on the residences proximity to school with a well developed private system, which provides approximately 800 schools as an alternative primary education for children. Using an extensive database of new residential developments during the period of January 2002 to March 2008, the results show evidences that the housing market in São Paulo does not capitalize the proximity neither the quality of primary public and private schools. The results were obtained through the estimation of hedonic models whose specification was defined based on the models of urban economics and the principles of spatial economics