Seong-hoon Cho, Dayton M. Lambert, Roland K. Roberts and Seung Gyu Kim
This article addresses the tradeoff between the values households’ place on shared open space and parcel size, and the implications for housing development policy. Marginal implicit prices of shared open space and single-family housing parcel size are estimated using geographically weighted regression corrected for spatial autocorrela- tion. The marginal rate of substitution (MRS) of shared open space for lot size is calculated for individual households. Defining target areas based on site-specific MRSs could provide policy makers with more accurate information for designing or updating location-specific land use policies in efforts to moderate urban sprawl.
