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作者

来源

REGIONAL SCIENCE AND URBAN ECONOMICS,Vol.71,P.46-61

语言

英文

关键字

Public transportation; Housing; Network effects; RESIDENTIAL PROPERTY-VALUES; RAIL TRANSIT; EXTERNALITIES; TRANSPORTATION; PRICES; ADOPTION; IMPACTS; MARKET

作者单位

[Fesselmeyer, Eric; Liu, Haoming] Natl Univ Singapore, Dept Econ, 1 Arts Link, Singapore 117570, Singapore. [Liu, Haoming] IZA, Bonn, Germany. Liu, HM (reprint author), Natl Univ Singapore, Dept Econ, 1 Arts Link, Singapore 117570, Singapore. E-Mail: ecsef@nus.edu.sg; ecsliuhm@nus.edu.sg

摘要

We estimate the network effects of a public transit system by examining the impact of its expansion on housing prices. Our results show that a major expansion of Singapore's Mass Rapid Transit (MRT) system increased the price of apartments within 0.5 km of a pre-expansion station by 1.8% relative to apartments that were further away from a station. Evaluated at the mean housing price, the expansion increased the value of pre-connected apartments by at least S$455 million in aggregate, which is equivalent to 9% of the estimated S$5 billion cost of the expansion.