"How much do users value a network expansion? Evidence from the public " by Eric FESSELMEYER and Haoming LIU
 

Publication Type

Journal Article

Version

publishedVersion

Publication Date

7-2018

Abstract

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.

Keywords

Public transportation, Housing, Network effects

Discipline

Transportation | Urban Studies and Planning

Research Areas

Applied Microeconomics

Publication

Regional Science and Urban Economics

Volume

71

First Page

46

Last Page

61

ISSN

0166-0462

Identifier

10.1016/j.regsciurbeco.2018.04.010

Publisher

Elsevier

Additional URL

http://doi.org/10.1016/j.regsciurbeco.2018.04.010

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