Evaluation of Urban Improvement on the Islands of the Venice Lagoon: A Spatially-Distributed Hedonic-Hierarchical Approach

38 Pages Posted: 28 Oct 2004

See all articles by Anita Fassio

Anita Fassio

Fondazione Eni Enrico Mattei (FEEM)

Paolo Rosato

University of Trieste - Department of Civil Engineering; Fondazione Eni Enrico Mattei (FEEM)

Margaretha Breil

Fondazione Eni Enrico Mattei

Carlo Giupponi

Ca Foscari University of Venice - Dipartimento di Economia

Date Written: October 2004

Abstract

This paper presents a model for the evaluation of environmental and urban improvements on the islands of the Venetian lagoon. The model simulates the changes in residential real estate values using a value function integrated in a geographical database which provides spatial distributions of values changes. The fairly weak market signals, fragmented demand and strong externalities, and the scarcity of market data available do not permit the use of econometric models for value appraisal. Appropriate hedonic-hierarchical value functions are calibrated on the basis of a set of indicators of the characteristics of the buildings and the location. Some applications of the model are illustrated simulating two scenarios of future interventions which are actually being discussed or realised and involving the island of Murano, Burano and S. Erasmo in the Venice Lagoon. The interventions considered are: subway beyond the lagoon connecting Murano with Venice and the mainland, and the solution of "high water" problems on Murano, Burano and S. Erasmo.

Keywords: Public work assessment, Property value, Hierarchical analysis

JEL Classification: R21, R31

Suggested Citation

Fassio, Anita and Rosato, Paolo and Breil, Margaretha and Giupponi, Carlo, Evaluation of Urban Improvement on the Islands of the Venice Lagoon: A Spatially-Distributed Hedonic-Hierarchical Approach (October 2004). Available at SSRN: https://ssrn.com/abstract=600589 or http://dx.doi.org/10.2139/ssrn.600589

Anita Fassio (Contact Author)

Fondazione Eni Enrico Mattei (FEEM) ( email )

Campo S. M. Formosa, Castello 5252
Venezia, 30122
Italy
+39 0412711403 (Phone)
+39 042711461 (Fax)

Paolo Rosato

University of Trieste - Department of Civil Engineering ( email )

Piazzale Europa 1
34127 Trieste
Italy
+39 040 5582569 (Phone)
+39 040 676 3580 (Fax)

HOME PAGE: http://www.dic.univ.trieste.it/perspage/rosato

Fondazione Eni Enrico Mattei (FEEM)

C.so Magenta 63
Milano, 20123
Italy

Margaretha Breil

Fondazione Eni Enrico Mattei ( email )

Campo S. M. Formosa, Castello 5252
Venezia, 30122
Italy
+390412711453 (Phone)
+39 0412711461 (Fax)

Carlo Giupponi

Ca Foscari University of Venice - Dipartimento di Economia ( email )

Cannaregio 873
Venice, 30121
Italy

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