%0 Journal Article
%T EXTERNALIDADES AMBIENTAIS E PREZO DA VIVENDA EN MADRID: UNHA AN¨¢LISE CON REGRESI¨®N CUANT¨ªLICA ESPACIAL
%A CORO CHASCO YRIGOYEN
%A BEATRIZ S¨¢NCHEZ REYES
%J Revista Galega de Econom¨ªa
%D 2012
%I Universidade de Santiago de Compostela
%X Air pollution and urban noise are major concerns in big cities. This paper aims at evaluating how they impact transaction prices in downtown Madrid. For that purpose, we incor-porate two subjective measures of air pollution and noise, joint with other variables available for individual characteristics, accessibility and socio-economic data, and we use spatial quantile models with a sample of 5,080 houses in downtown Madrid. Spatial quantile regressions are a good instrument to deal with common problems in hedonic models, such as non-linearity, non- -normality due to asymmetries and outliers, heteroskedasticity and spatial autocorrelation. We find that noise and air-pollution have no clear significant effect except in the wealthier neighbor-hoods, where pollution is clearly a disamenity. Additionally, we find a counter-intuitive positive sign for the effect of noise only for the group of the most exclusive properties, possibly because of their owner high  sense of place , joint to the existence of some other related positive associ-ated externalities, such as upscale shops and historical or cultural areas.
%U http://www.redalyc.org/articulo.oa?id=39124539013