The value of an 'ocean view' in Oak Bay, British Columbia : a comparison of the Hedonic pricing and contingent valuation methods for estimating intangibles

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dc.contributor.authorWardley, Ian Douglasen_US
dc.date.accessioned2024-08-15T20:13:30Z
dc.date.available2024-08-15T20:13:30Z
dc.date.copyright1993en_US
dc.date.issued1993
dc.degree.departmentDepartment of Economicsen_US
dc.degree.levelMaster of Arts M.A.en
dc.description.abstractThe purpose of this thesis was to examine the implicit pricing theory with respect to the valuation of an 'ocean' view as it influences the price of a house in the Municipality of Oak Bay, a residential area in Victoria, British Columbia. This value was estimated using two different approaches. The hedonic pricing method is a market-based approach which identifies the intangible commodity as an attribute of a commodity which is exchanged in the market. The second approach used was the contingent valuation approach which uses surveys or questionnaires to elicit values for the intangible commodity. Data on 376 housing sales between October, 1989, and August. 1990, were obtained from the Victoria Real Estate Board. The hedonic pricing technique was used to estimate a linear and nonlinear model. Data for the contingent valuation approach were obtained by a mail survey of the same 376 houses. The results of the two approaches revealed a range of possible values from a high of 43 percent of the value of the house to a low of 4 percent of the value of the house. Defining the quality of view more strictly, however, resulted in a much more narrow range of possible values. This more narrow range reached a high of 21 percent and a low of close to 6 percent.en
dc.format.extent94 pages
dc.identifier.urihttps://hdl.handle.net/1828/20053
dc.rightsAvailable to the World Wide Weben_US
dc.subjectUN SDG 14: Life Below Wateren
dc.titleThe value of an 'ocean view' in Oak Bay, British Columbia : a comparison of the Hedonic pricing and contingent valuation methods for estimating intangiblesen_US
dc.typeThesisen_US

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