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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Main Authors: FESSELMEYER, Eric, LIU, Haoming
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語言:English
出版: Institutional Knowledge at Singapore Management University 2018
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https://ink.library.smu.edu.sg/context/cis_research_all/article/1003/viewcontent/1_s2.0_S0166046217304374_main.pdf
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spelling 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
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