Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/89681
Title: 
Authors: 
Ahlfeldt, Gabriel
Year of Publication: 
2013
Series/Report no.: 
CESifo Working Paper 4533
Abstract: 
I define a composite amenity that provides aesthetic and consumption value to local residents: Urbanity. A novel data set of geo-tagged photos shared in internet communities serves as a proxy for urbanity. From the spatial pattern of house prices and photos I identify the value of urbanity in two of the largest European cities, Berlin and London. I find an elasticity of indirect utility with respect to urbanity of about 1%. The aggregated willingness to pay equates to about $1 bn per year in each city or, on average, 1.5% of household income. The results demonstrate the important role cities paly as centers of leisure, consumption and beauty.
Subjects: 
amenities
consumer city
hedonic analysis
photography geography
property prices
JEL: 
R20
R30
Document Type: 
Working Paper

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