The continuous expansion of urban areas at the expense of rural and natural areas should understandably increase the desire for green amenities among urban populations. In this context, greenbelts become an important component in the modern city landscape. We apply the hedonic price method in...

This paper investigates interregional differences in earnings functions in Austria, in particular, the neoclassical hypothesis that regional earnings differentials can be eliminated by correcting for productivity-related characteristics. The results lead to a rejection of this hypothesis and...

In this paper, we discuss the question whether or not the real estate market is efficient. We define market efficiency and the efficient market hypothesis as it had been developed in the literature on financial markets. Then, we discuss the empirical evidence that exists concerning the...

When it comes to sustainable construction the question of quality comes into the discussion since sustainability can be defined as a quality criterion of a building. The real estate market is complex and shaped by different stakeholders (i.e. developers, investors, etc.) with their individual...

An earlier paper presented at an ERES conference (Maier et al., 2010) provided evidence that energy efficient improvements in residential properties were not capitalized into prices suggesting that the Austrian residential markets are not efficient. In this paper, we further shed light on this...

This paper presents results from the EU project “Transnational cooperation for the improvement of buildings energy performance and efficiency“(TRACE) which aims to provide a better understanding of reasoning behind scarce investments in energy efficiency in order to improve relevant...

The objective of this report is to review the relevant theoretical and empirical literature to provide a conceptual and methodological background for the analysis of the consequences of ICT use and globalisation on the regional economies in the European Union. We highlight the key aspects of ICT...

This paper employs the hedonic price method (HPM) to examine whether the implicit value of the greenbelt is capitalized into apartment prices in the city of Vienna, Austria. We improve the traditional model using spatial econometric techniques and compare estimates from different spatial models,...