Residential location and environmental amenities: a review of the evidence

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Abstract
V. Kerry Smith (1977) Residential location and environmental amenities a review of the evidence, Reg Studies 11, 47–61. The valuation of an improvement in environmental amenities has become an increasingly important problem. One of the most widely accepted methods for evaluating the effects of air quality changes is through estimated property value—air pollution relations. The purpose of this paper is to critically review the empirical evidence on the nature of this association. In addition, the appropriate interpretation of the estimates is considered. It is argued that the usefulness of the property value equations is based on the relative importance of violations of one or more of the assumptions underlying the residential location model which is the theoretical basis for the empirical equations. Before a final verdict on these models can be derived it will be necessary to examine, in detail, the full impact of such failures in the assumptions.

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