Estimating the Benefits of Improved Rail Access; Geographical Range and Anticipation Effects
In this paper we investigate the effects of new railway stations on house prices using an extensive repeated sales dataset over a period of 13 years. We employ semiparametric panel data techniques allowing for anticipation effects of station openings. We show that a kilometre reduction in distance to the nearest railway station increases property values by about 1.5 - 2 percent. The geographical range of the effect is about 3.5 kilometres. Ignoring anticipation effects in the estimation procedure leads to a large downward bias for short time period datasets. We do not find any significant hous... Mehr ...
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| Dokumenttyp: | doc-type:workingPaper |
| Erscheinungsdatum: | 2010 |
| Verlag/Hrsg.: |
Amsterdam and Rotterdam: Tinbergen Institute
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| Schlagwörter: | ddc:330 / R21 / R40 / R41 / R42 / House prices / Anticipation effects / Repeated sales / Railway development / Semiparametric / Agglomerationseffekt / Arbeitsnachfrage / Betriebliche Standortwahl / Immobilienpreis / Hedonischer Preisindex / Nichtparametrisches Verfahren / Schätzung / Niederlande |
| Sprache: | Englisch |
| Permalink: | https://search.fid-benelux.de/Record/base-29231922 |
| Datenquelle: | BASE; Originalkatalog |
| Powered By: | BASE |
| Link(s) : | http://hdl.handle.net/10419/87081 |
In this paper we investigate the effects of new railway stations on house prices using an extensive repeated sales dataset over a period of 13 years. We employ semiparametric panel data techniques allowing for anticipation effects of station openings. We show that a kilometre reduction in distance to the nearest railway station increases property values by about 1.5 - 2 percent. The geographical range of the effect is about 3.5 kilometres. Ignoring anticipation effects in the estimation procedure leads to a large downward bias for short time period datasets. We do not find any significant house price adjustment effects after station openings.