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Abstract:![]()
SERC/Urban and Spatial Programme Discussion Paper
Urbanity Gabriel M. Ahlfeldt May 2013 Paper No' SERCDP0136: Full Paper ![]() 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 cities in Europe: 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 $1bn per year in each city. The results demonstrate the important role cities play as centers of leisure, consumption, and beauty. |
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