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1、TheSuntoryandToyotaInternationalCentresforEconomicsandRelatedDisciplinesOnthePriceofLandandtheValueofAmenitiesAuthor(s):PaulCheshireandStephenSheppardSource:Economica,NewSeries,Vol.62,No.246(May,1995),pp.247-267Publishedby:WileyonbehalfofTheLondonSchoolofEconomicsandPol
2、iticalScienceandTheSuntoryandToyotaInternationalCentresforEconomicsandRelatedDisciplinesStableURL:http://www.jstor.org/stable/2554906Accessed:15-08-201421:28UTCYouruseoftheJSTORarchiveindicatesyouracceptanceoftheTerms&ConditionsofUse,availableathttp://www.jstor.org/page
3、/info/about/policies/terms.jspJSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandtoolstoincreaseproductivityandfacilitatenewformsofscholarship.Formoreinf
4、ormationaboutJSTOR,pleasecontactsupport@jstor.org.Wiley,TheLondonSchoolofEconomicsandPoliticalScienceandTheSuntoryandToyotaInternationalCentresforEconomicsandRelatedDisciplinesarecollaboratingwithJSTORtodigitize,preserveandextendaccesstoEconomica.http://www.jstor.orgThi
5、scontentdownloadedfrom220.178.4.217onFri,15Aug201421:28:47UTCAllusesubjecttoJSTORTermsandConditionsEconomica(1995)62,247-67OnthePriceofLandandtheValueofAmenitiesByPAULCHESHIREandSTEPHENSHEPPARDUniver-sityofReadingandOberlin'College,Oltio.Finalversionreceived5October1993
6、.Ahouserepresentsnotonlyabundleofstructuralcharacteristicsbutalsoasetoflocationspecificcharacteristics.Addinglocationalcoordinatesandsiteareatootherhousecharacter-isticsmakesitpossibletoestimatealandrentsurfaceaswellasthlehedonicpricesattachedtolocalpatternsoflanduseand
7、otherneighbourhoodcharacteristics.Onecanthenestimatehowthevalueofsuchlocation-specificcharacteristicsarecapitalizedintolandprices.Thisanalysis,illustratedwithestimatesbasedondatafromtwoBritishtowns,hasanumberofwiderimplications.Itgeneratesamoreparsimoniousmethodofestima
8、tingamenityvalues.Italsorevealslikelysystematicbiasesproducedbyconventionalhedonicstudieswhichexcludelandandlo
