Economics Senior Earns Third Place at State Competition for Research on Value of Central Park Views
How much is a view of Central Park worth? Naomy Guerrero Flores, a senior majoring in economics, answered that question using real housing market data and advanced statistical analysis, and her research has earned her third place at the New York State Economic Association's annual undergraduate paper competition.
Guerrero Flores presented her paper on Saturday, November 8th at St. John Fisher University in Rochester, New York, competing against undergraduate researchers from across the state. The competition requires participants to submit written papers for blind review by at least two judges, then present their findings at the annual conference, where both components are evaluated for their substantive contribution, methodology, and quality.
The research grew out of a class project in Econ 432 - Applied Environmental Economics, taught by Dr. Jimena González-Ramírez. In the course, students learned non-market valuation methods and applied them to real-world data by collecting housing transaction information around Central Park in New York City.
Students recorded detailed information for each property sale: the price, date, unit features like number of bedrooms, building amenities such as gyms, and precise location. Most importantly, they identified whether each unit had a view of Central Park.
Using the statistical programming language R, Guerrero Flores employed the hedonic pricing method to estimate the economic value that a Central Park view adds to a property. This technique isolates the value of specific property characteristics by analyzing how they affect sale prices.
What set Guerrero Flores apart was her decision to continue developing the research after the course ended. She expanded her analysis and refined her paper specifically for the state competition, demonstrating both her analytical capabilities and her commitment to rigorous economic research.
The project showcases the practical skills economics students develop: collecting and managing real-world datasets, applying advanced statistical techniques, and communicating complex findings through both written reports and oral presentations. By working with actual housing market data and coding in R, Guerrero Flores gained hands-on experience with tools and methods used by professional economists in government, consulting, and academia.
The New York State Economic Association's undergraduate competition draws submissions from students across the state and is judged on both scholarly merit and presentation quality. Guerrero Flores's third-place finish recognizes her ability to conduct meaningful economic research and effectively communicate her results to an academic audience.
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