How much do users value a network expansion? Evidence from the public transit system in Singapore
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% relati...
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Institutional Knowledge at Singapore Management University
2018
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sg-smu-ink.cis_research_all-10032022-08-18T05:15:20Z How much do users value a network expansion? Evidence from the public transit system in Singapore FESSELMEYER, Eric LIU, Haoming 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. 2018-07-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/cis_research_all/4 info:doi/10.1016/j.regsciurbeco.2018.04.010 https://ink.library.smu.edu.sg/context/cis_research_all/article/1003/viewcontent/1_s2.0_S0166046217304374_main.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection College of Integrative Studies eng Institutional Knowledge at Singapore Management University Public transportation Housing Network effects Transportation Urban Studies and Planning |
| institution |
Singapore Management University |
| building |
SMU Libraries |
| continent |
Asia |
| country |
Singapore Singapore |
| content_provider |
SMU Libraries |
| collection |
InK@SMU |
| language |
English |
| topic |
Public transportation Housing Network effects Transportation Urban Studies and Planning |
| spellingShingle |
Public transportation Housing Network effects Transportation Urban Studies and Planning FESSELMEYER, Eric LIU, Haoming How much do users value a network expansion? Evidence from the public transit system in Singapore |
| description |
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. |
| format |
text |
| author |
FESSELMEYER, Eric LIU, Haoming |
| author_facet |
FESSELMEYER, Eric LIU, Haoming |
| author_sort |
FESSELMEYER, Eric |
| title |
How much do users value a network expansion? Evidence from the public transit system in Singapore |
| title_short |
How much do users value a network expansion? Evidence from the public transit system in Singapore |
| title_full |
How much do users value a network expansion? Evidence from the public transit system in Singapore |
| title_fullStr |
How much do users value a network expansion? Evidence from the public transit system in Singapore |
| title_full_unstemmed |
How much do users value a network expansion? Evidence from the public transit system in Singapore |
| title_sort |
how much do users value a network expansion? evidence from the public transit system in singapore |
| publisher |
Institutional Knowledge at Singapore Management University |
| publishDate |
2018 |
| url |
https://ink.library.smu.edu.sg/cis_research_all/4 https://ink.library.smu.edu.sg/context/cis_research_all/article/1003/viewcontent/1_s2.0_S0166046217304374_main.pdf |
| _version_ |
1770567703656923136 |