Metropolitan Land Values

• 成果类型: Article
• 署名作者: Albouy, David; Ehrlich, Gabriel; Shin, Minchul
• 署名单位: University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; National Bureau of Economic Research; University of Michigan System; University of Michigan
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest_a_00710
• 发表日期: 2018-07
• 页码: 454-466
• 关键词: residential land; price; index; rents; time

摘要

We estimate the first cross-sectional index of transaction-based land values for every U.S. metropolitan area. The index accounts for geographic selection and incorporates novel shrinkage methods using a prior belief based on urban economic theory. Land values at the city center increase with city size, as do land-value gradients; both are highly variable across cities. Urban land values are estimated at more than two times GDP in 2006. These estimates are higher and less volatile than estimates from residual (total - structure) methods. Five urban agglomerations account for 48% of all urban land value in the United States.