英文摘要 |
Studies have showed that public goods have the characteristics of externalities and externalities of certain public goods diminish as distance from the locations of those public goods increases. However, few researches have focused on distance-decay of externalities. It is widely accepted that urban parks are public goods with external benefits. Since there is no physical market for the external benefits of urban parks, we cannot obtain the results directly. Nevertheless, the external benefits of urban parks can be capitalized in housing prices as one of the attributes of the property. Based on this characteristic, this study applies hedonic price theory and regression analysis to establish the hedonic price function of houses in Taichung city. This function is then used to estimate a distance-decay function of external benefits of parks in Taichung city. The results show that if the hedonic price function of houses in Taichung city is specified as a log-log function, as distance to the closest park increases, the prices of houses decrease with a decreasing rate. It implies that urban parks do possess external benefits and external benefits diminish as distance to the park increases. The results also suggest that the external benefits of urban parks have limited spatial (geographical) extent and, therefore, are localized. |