{"417311":{"#nid":"417311","#data":{"type":"news","title":"Moreno-Cruz Studies How Atlanta Residents Value MARTA","body":[{"value":"\u003Cp\u003EAssistant Professor of Economics \u003Ca href=\u0022http:\/\/www.econ.gatech.edu\/people\/faculty\/cruz_1\u0022\u003EJuan Moreno-Cruz\u003C\/a\u003E, along with colleagues in the School of Civil and Environmental Engineering, recently published a paper in \u003Cem\u003ETransportation Research\u003C\/em\u003E.\u0026nbsp; The paper, titled \u201cDo Atlanta residents value MARTA? Selecting an autoregressive model to recover willingness to pay,\u201d was written with Gregory Macfarlane and \u003Ca href=\u0022http:\/\/www.ce.gatech.edu\/people\/faculty\/741\/overview\u0022\u003EDr. Laurie Garrow\u003C\/a\u003E, and is featured in Volume 78 of \u003Cem\u003ETransportation Research Part A: Policy and Practice\u003C\/em\u003E.\u003C\/p\u003E\u003Cp\u003EUnderstanding homeowners\u2019 marginal willingness-to-pay (MWTP) for proximity to public transportation infrastructure is important for planning and policy. Na\u00efve estimates of MWTP, however, may be biased as\u0026nbsp;a result of spatial dependence, spatial correlation, and\/or spatially endogenous variables. In this paper, the authors discuss a class of spatial autoregressive models that control for these spatial effects, and apply them to sample\u0026nbsp;data collected for the Atlanta, Georgia housing market. They provide evidence that a general-to-specific model selection methodology that relies on the generality of the spatial Durbin model (SDM) should be preferred to\u0026nbsp;the classical specific-to-general methodology that begins with an assumption of no spatial effects. In addition, they show that applying the SDM raises the estimate of MWTP for transit proximity in Atlanta but also widens its\u0026nbsp;confidence interval, relative to ordinary linear regression. This finding may have implications for risk estimations in land value capture forecasts and transportation policy decisions.\u0026nbsp; The full article can be read \u003Ca href=\u0022http:\/\/www.sciencedirect.com\/science\/article\/pii\/S096585641500138X?np=y\u0022\u003Ehere\u003C\/a\u003E.\u003C\/p\u003E","summary":null,"format":"limited_html"}],"field_subtitle":"","field_summary":"","field_summary_sentence":[{"value":"New paper by Juan Moreno-Cruz and colleagues in CEE introduces a model selection methodology to choose spatial econometrics model to deal with spatial dependence, spatial correlation, and\/or spatially endogenous variables."}],"uid":"27365","created_gmt":"2015-06-23 10:47:50","changed_gmt":"2016-10-08 03:18:41","author":"Jade Hill","boilerplate_text":"","field_publication":"","field_article_url":"","dateline":{"date":"2015-06-23T00:00:00-04:00","iso_date":"2015-06-23T00:00:00-04:00","tz":"America\/New_York"},"extras":[],"hg_media":{"407321":{"id":"407321","type":"image","title":"Juan Moreno-Cruz","body":null,"created":"1449254168","gmt_created":"2015-12-04 18:36:08","changed":"1475895132","gmt_changed":"2016-10-08 02:52:12","alt":"Juan Moreno-Cruz","file":{"fid":"202141","name":"moreno-cruz_juan.jpg","image_path":"\/sites\/default\/files\/images\/moreno-cruz_juan_0.jpg","image_full_path":"http:\/\/tlwarc.hg.gatech.edu\/\/sites\/default\/files\/images\/moreno-cruz_juan_0.jpg","mime":"image\/jpeg","size":4216745,"path_740":"http:\/\/tlwarc.hg.gatech.edu\/sites\/default\/files\/styles\/740xx_scale\/public\/images\/moreno-cruz_juan_0.jpg?itok=pPjk81WP"}}},"media_ids":["407321"],"groups":[{"id":"1282","name":"School of Economics"}],"categories":[],"keywords":[{"id":"129601","name":"article"},{"id":"602","name":"economics"},{"id":"129651","name":"land value"},{"id":"129641","name":"land value capture"},{"id":"1243","name":"MARTA"},{"id":"98711","name":"Moreno-Cruz"},{"id":"169733","name":"SOE"},{"id":"171436","name":"spatial Durbin model"},{"id":"171437","name":"spatial econometrics"},{"id":"168","name":"Transportation"},{"id":"129631","name":"transportation accessibility"}],"core_research_areas":[{"id":"39531","name":"Energy and Sustainable Infrastructure"},{"id":"39501","name":"People and Technology"}],"news_room_topics":[],"event_categories":[],"invited_audience":[],"affiliations":[],"classification":[],"areas_of_expertise":[],"news_and_recent_appearances":[],"phone":[],"contact":[{"value":"\u003Cp\u003EJade Hill\u003C\/p\u003E\u003Cp\u003ECommunications Coordinator\u003C\/p\u003E\u003Cp\u003E\u003Ca href=\u0022mailto:jade.hill@econ.gatech.edu\u0022\u003Ejade.hill@econ.gatech.edu\u003C\/a\u003E\u003C\/p\u003E","format":"limited_html"}],"email":["jade.hill@econ.gatech.edu"],"slides":[],"orientation":[],"userdata":""}}}