While previous analyses have highlighted the revealed preference – higher premiums – for high-quality window views, they have, for the most part, focused on smaller case-studies, relying on simplified proxy variables. In the latter case, office spaces with high access to views had a 6% net effective rent premium compared to spaces with low view access (Turan et al., 2021). View and visual quality metrics explain price differences in Geneva multi-family (Baranzini et al., 2008), as well as Manhattan office rentals. What we see not only influences our well-being, but can also have an effect on rents or real-estate value. This is backed up by urban health and indoor research indicating that a high-quality window view improves a workers mental state and sleep quality, reduces stress, and boosts creativity (Al Horr et al., 2016 Frontczak & Wargocki, 2011). Both the aspect of depth perception and visibility of fractal patterns (such as trees) are thus relevant aspects to consider in the context of the built environment. Further, distant backgrounds (>1km) tend to command a greater share of people’s attention than objects in the mid-ground (150-1km) (Hull & Stewart, 1995). nature scenery) greatly reduces stress and induces the release of endorphins (Brielmann et al., 2022). Recent neuroscience research highlights for instance the unconscious influence of fractal patterns on visual perception and well-being. View qualities are commonly understood to play an important role in how individuals perceive landscapes and how they make decisions. The analysis provides a rich picture of how visual quality varies across the Swiss building stock and within a given building.
We find that large views of lakes and cities in the far distance have the strongest impact on the sale price however, we find the financial influence of the studied visual elements are highly-context dependent. This allows us to measure the financial impact of visual elements on housing prices at a previously unattained level of resolution. For victims who can prove their case when it comes to loss of enjoyment of life, the law will generally award compensation.With a digital twin of Switzerland’s building stock, we are able to derive a range of view-metrics, such as a building’s visual share of a lake. You probably won't hear the term "hedonic damages" used in a courtroom unless it's by an economist, but rest assured that courts are paying attention. The younger the victim is, the more damages they're likely to get, since the loss will be felt over a longer period of time. In order to prove something like "hedonic damages," a victim typically has to support the claim with evidence of what they can no longer do as a result of their injuries. That doesn't mean victims get nothing when it comes to the emotional loss of the ability to enjoy their lives it's just that courts often give them much less than they ask for. The law generally demands clear proof and without it, it's difficult to win your case. It's not that they dismiss pain and suffering, but it's hard to quantify correctly. Historically, judges have shied away from granting much when it comes to hedonic damages. Hedonic damages fall into that category as well.
Lost earning capacity, medical bills, and other expenses can all be measured by objective standards.īut other damages, like pain and suffering, are based on subjective testimony. It's easy for courts to measure many of the effects an injury has on a victim's life. It's the intangible impact an injury has on your life. The term "hedonic damages" refers to what lawyers call the loss of enjoyment of life. Hedonic damages are technically an economic term, but they still have a place in the law. Punitive damages are additional amounts meant to further deter the defendants from repeating their actions.
Compensatory damages pay for the harm, both physical and emotional, done to the victim or victims. "Compensatory" and "punitive" are legal terms about what money a victim an be awarded. In personal injury lawsuits, lawyers talk about compensatory and punitive damages while economists may talk about hedonic damages.
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