The public space in the city: An approximation from the hedonic prices

This is a research applied to the Bogota parks system, which aims to propose an econometric model to determine the value of the public space soil. Given the complexity of valuing public land, the research is developed from combining the determinants of social choice theory through Arrow's impossibility theorem and the price model (by emphasizing the urban structure). In view of the above, the Ombudsman of Public Space of Bogotá has obtained, as a main result, evidence that there is a high social value of public space, putting as a challenge the incorporation of more refined economic analyzes that describe the different evaluations society makes of the public space. Likewise, it was found that the presence of public spaces in the urban context highly influences the determination of private land prices.