【摘要】Standard hedonic house pricing assumes that house prices are independent of the in-tangible to be priced. A methodology is proposed in which the supply as well as the demand for housingdepends on the intangible. The methodology is applied to value access to the Trans-Israel Highway(TIH). Using spatial panel data (2002–2008) we show that TIH had two effects on the housing market.It increased house prices in locations with greater access to TIH, and it affected housing construction.Standard hedonic pricing would have underestimated the value of access because it ignores the effectsof housing construction on the intangible to be priced. House prices began to increase three years beforeTIH was inaugurated, but housing construction did not anticipate the inauguration of TIH.

【文献来源】Beenstock M;Feldman D;Felsenstein D.Journal of Regional Science.2016（1）