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Conference Paper: How do people price air quality: empirical evidence from Hong Kong

TitleHow do people price air quality: empirical evidence from Hong Kong
Authors
KeywordsAir pollution
hedonic price model
Hong Kong
property prices
Issue Date2006
PublisherPacific Rim Real Estate Society
Citation
The 12th Annual Conference of the Pacific Rim Real Estate Society, Auckland, New Zealand, 22-25 January 2006 How to Cite?
AbstractWe investigate how air pollution affects the transaction prices of high-rise apartments in Hong Kong. We use a three-dimensional Reynolds-stress turbulence model to simulate the air pollution level of each unit in high-rise apartment buildings in a densely populated area in Hong Kong (Study Area). We then verify the simulated results with site measurement data. Although the area is small, the variety of building forms and location of streets resulted in significant variation in air quality across apartment units. The apartments in the Study Area are actively traded and relatively homogenous. We estimate the implicit price by constructing a hedonic price model that includes the simulated apartment specific air pollution level as one of the explanatory variables. We find that the apartment prices are more sensitive to air quality in more polluted areas.
Persistent Identifierhttp://hdl.handle.net/10722/116096

 

DC FieldValueLanguage
dc.contributor.authorChau, KWen_HK
dc.contributor.authorWong, SKen_HK
dc.contributor.authorChan, ATYen_HK
dc.contributor.authorLam, SKen_HK
dc.date.accessioned2010-09-26T06:15:21Z-
dc.date.available2010-09-26T06:15:21Z-
dc.date.issued2006en_HK
dc.identifier.citationThe 12th Annual Conference of the Pacific Rim Real Estate Society, Auckland, New Zealand, 22-25 January 2006-
dc.identifier.urihttp://hdl.handle.net/10722/116096-
dc.description.abstractWe investigate how air pollution affects the transaction prices of high-rise apartments in Hong Kong. We use a three-dimensional Reynolds-stress turbulence model to simulate the air pollution level of each unit in high-rise apartment buildings in a densely populated area in Hong Kong (Study Area). We then verify the simulated results with site measurement data. Although the area is small, the variety of building forms and location of streets resulted in significant variation in air quality across apartment units. The apartments in the Study Area are actively traded and relatively homogenous. We estimate the implicit price by constructing a hedonic price model that includes the simulated apartment specific air pollution level as one of the explanatory variables. We find that the apartment prices are more sensitive to air quality in more polluted areas.-
dc.languageengen_HK
dc.publisherPacific Rim Real Estate Society-
dc.relation.ispartofProceedings from the Pacific Rim Real Estate Society (PRRES) Conference - 2006en_HK
dc.rightsThis work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.-
dc.subjectAir pollution-
dc.subjecthedonic price model-
dc.subjectHong Kong-
dc.subjectproperty prices-
dc.titleHow do people price air quality: empirical evidence from Hong Kongen_HK
dc.typeConference_Paperen_HK
dc.identifier.emailChau, KW: hrrbckw@hkucc.hku.hken_HK
dc.identifier.emailWong, SK: skwongb@hkusua.hku.hken_HK
dc.identifier.emailChan, ATY: atchan@hkucc.hku.hken_HK
dc.identifier.authorityChau, KW=rp00993en_HK
dc.description.naturepublished_or_final_version-
dc.identifier.hkuros118725en_HK

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