Table 1. The Value of Parameters Used in Simulation
|
Parameter |
Value |
Interpretation |
|
α |
0.5 |
The proportion of disposable income adjusted by travel cost spent |
|
on housing | ||
|
β |
0.04 |
The relative elasticity of utility with respect to open space |
|
amenity | ||
|
γ |
0.002 |
Dissipating parameter of open space amenity |
|
δ |
0.05 |
Discount rate |
|
τ |
0.15 |
Property tax rate |
|
T |
5 years |
Financing period |
|
R(0) |
$400 |
Land rent without open space amenity |
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