The impact of rail access on condominium prices in Hamburg

Using hedonic price functions, we study the influence of access to public railway stations on the prices of surrounding condominiums in Hamburg, Germany. The study examines the influence of rail infrastructure on residential property prices, not only of individual lines, but for the entire rail network of a metropolitan region. We test the stability of the coefficients for different sets of control variables. The study also estimates public-transit-induced increases in tax revenues due to real estate price increases for a study area outside the United States. We control for spatial dependence and numerous variables correlated with the proximity of railway stations and show that access to the public transit system of the city of Hamburg is to be rated with price increases of up to 4.6%. Such premiums for higher-income neighbourhoods and for subterranean stations tend to be higher. The premiums calculated are significantly lower than average price premiums reported in previous studies, which were mostly based on much fewer variables that rail access might be correlated to.     

Commuter rail accessibility and house values: The case of the Montreal South Shore,Canada, 1992–2009

While public transportation (PT) plays a crucial role in the social and environmental dimensions, its impacts on the location rent remain poorly known. However, there is a strong connection between PT infrastructures and real estate markets since the former may generate externalities that can influence sales prices. This paper aims at estimating the actual effect of implementing a commuter train service between a major city (Montreal, Canada) and its southern periphery occurring in 2000–2003. Using a difference-in-differences (DID) estimator in the hedonic price model for single-family house sales between 1992 and 2009, the paper estimates the direct marginal price impact of a new commuter train service following changes in access to stations. Results suggest that the opening of a new commuter train service on the Montreal South Shore generates a location premium for houses located in the stations’ vicinity (as measured through walking distance and car driving time) as opposed to houses that do not experience any improvement in accessibility to the commuter train service, either in space or in time. In addition, the new service raises property tax income for involved municipalities by several million dollars a year through enhanced property values.     

The effect of road traffic noise on the prices of residential property – A case study of the polish city of Olsztyn

The key factors that determine the prices of real estate are location, technical standard of property as well as the local environment. In urban agglomerations, road traffic noise has a considerable impact on the purchasing decisions made by apartment buyers. This is a widespread problem in Central-Eastern Europe. The main objective of this study was to verify the working hypothesis that apartment prices are correlated with traffic noise levels in Olsztyn, the capital city of the Region of Warmia and Mazury in north-eastern Poland.The study was carried out in four principal stages. Firstly, traffic noise intensity was determined for apartments (objects of real estate transactions concluded in 2013), based on an acoustic map for the city of Olsztyn. The map was developed in line with the provisions of Directive 2002/49/EC of the European Parliament and of the Council of 25 June 2002 relating to the assessment and management of environmental noise. Secondly, the values of the Noise Depreciation Sensitivity Index (NDSI) were calculated. NDSI determines the percentage change in property prices per dB increase in noise levels. The distribution of unit prices of apartments was mapped relative to noise levels, and the relationships between the analyzed variables were assessed. Thirdly, linear correlations between the unit prices of apartments and noise levels were analyzed. The strength and direction of relationships between the analyzed parameters were determined based on Pearson’s correlation coefficient. In the last stage, the distribution of the unit prices of apartments was mapped by ordinary kriging, a geostatistical estimation method. The research hypothesis was confirmed by comparing the spatial distribution of traffic noise levels measured in stage 1 with the spatial distribution of apartment prices.     

Highway traffic noise effects on land price in an urban area

The study evaluates the monetary effect of traffic noise on property values in Seoul, Korea. Hedonic price models are estimated using the zone-based data that includes traffic noise levels, official land price, land use classification, distance to roadways, type of nearby roadway facilities, and traffic characteristics. It is found that a 1% increase in traffic noise associated with a 1.3% decline in land price. Based on this, the annual cost per kilometer due to traffic noise is about $347 thousand.     

Estimating the effects of entry regulation in the Istanbul taxicab market

The economic literature shows that entry regulation in taxicab markets brings about a dramatic increase in medallion prices or license values of taxicabs. However, there is no study estimating what the effect of regulation is exactly on real medallion prices. We develop a model to estimate the effect of entry restrictions in the Istanbul taxicab market over real medallion prices and inflation. Our findings contribute that entry regulation in taxicab markets increases medallion prices. Moreover, we find that entry regulation in Istanbul pressures inflation rates as well.     

The impact of fare and gasoline price changes on monthly transit ridership: Empirical evidence from seven U.S. transit authorities

This paper presents eight empirical models of monthly ridership for seven U.S. Transit Authorities. Within the framework of these models, the impacts upon monthly ridership from changes in the real fare and gasoline prices are examined. Important findings are: (1) the elasticities of monthly transit ridership with respect to the real fare are negative and inelastic, ranging from 0.042 to 0.62; and (2) the elasticities of monthly transit ridership with respect to the real gasoline price are positive and inelastic, ranging from 0.08 to 0.80. Such results have important policy implications for decisions based on the relationships of price, revenue, and ridership; and for assessing the impacts of changing gasoline prices upon urban modal choice.     

The effect of the price of gasoline on the urban economy: From route choice to general equilibrium

RELU-TRAN2, a spatial computable general equilibrium (CGE) model of the Chicago MSA is used to understand how gasoline use, car-VMT, on-the-road fuel intensity, trips and location patterns, housing, labor and product markets respond to a gas price increase. We find a long-run elasticity of gasoline demand (with congestion endogenous) of ?0.081, keeping constant car prices and the TFI (technological fuel intensity) of car types but allowing consumers to choose from car types. 43% of this long run elasticity is from switching to transit; 15% from trip, car-type and location choice; 38% from price, wage and rent equilibration, and 4% from building stock changes. 79% of the long run elasticity is from changes in car-VMT (the extensive margin) and 21% from savings in gasoline per mile (the intensive margin); with 83% of this intensive margin from changes in congestion and 17% from the substitution in favor of lower TFI. An exogenous trend-line improvement of the TFI of the car-types available for choice raises the long-run response to a percent increase in the gas price from ?0.081 to ?0.251. Thus, only 1/3 of the long-run response to the gas price stems from consumer choices and 2/3 from progress in fuel intensity. From 2000 to 2007, real gas prices rose 53.7%, the average car fuel intensity improved 2.7% and car prices fell 20%. The model predicts that from these changes alone, keeping constant population, income, etc. aggregate gasoline use in this period would have fallen by 5.2%.     

公路路产登记问题探讨

立足于《物权法》中对不动产登记的规定,详细梳理了不动产登记制度在我国的现状,并有针对性地探讨公路路产登记原则、登记程序以及登记后的档案管理工作。     

The potential of turboprops for reducing aviation fuel consumption

To assist in aviation systems planning in the context of fuel price uncertainty and environmental regulation, we take a total logistics cost approach and evaluate three representative aircraft (narrow body, regional jet, and turboprop) for operating and passenger preference costs over a range of fuel prices. Homogenous fleets of each vehicle category are compared for operating and passenger costs over a range of fuel prices and route distances and the minimum cost fleet mix is determined. In general, as fuel prices increase, the turboprop offers a lower operating cost per seat over a wider range of distances when compared with both jet aircraft models. The inclusion of passenger costs along with operating costs decreases the number of fuel price and distance pairs where the turboprop exhibits the lower cost. This analysis shows that the aircraft that exhibits the lowest cost is highly sensitive to fuel prices and passenger costs and points to the important balance between saving fuel and serving passengers.     

The impact of metro services on housing prices: a case study from Beijing

Assessment of the impact of metro systems on housing prices is important for financing transport infrastructure via value capture. This paper provides evidence for this relationship, focusing particularly on the effects of metro services, and uses the large city of Beijing, China, as a case study. A spatial error model was applied to 2835 samples of online property sales data obtained in January 2016. Three transport service indicators associated with metro transfers and waiting times were explored: (1) metro headway, (2) access to different metro lines and (3) accessibility to employment opportunities. The results show that areas with more employment opportunities via public transit have higher housing prices than other areas. Shorter metro headways are positively related to housing prices near stations. Housing prices for neighborhoods having access to more than one metro line within 800 m-buffer area are higher than those without access to metro lines, controlling for number of accessible jobs within 30 min. This study sheds light on the importance of metro services on housing prices. It has implications for further research and for the planning policies of metro-dependent cities.

     

Surface street traffic volume and single-family house price

This study investigates the relationship between surface street traffic volume and single-family house prices in a relatively small city in the US. Hedonic price models are estimated using data from 9670 transactions that occurred between January 1998 and March 2011. It is discovered that parcels fronting or adjacent to a high-traffic street sell, on average, at an 8.1% discount compared to similar parcels that are not so situated. Restricting the analysis to parcels on or adjacent to a high-traffic street, house price and traffic volume are found to be negatively related; a doubling of volume from any particular traffic count, ceteris paribus, reduces selling price by an average of 2.1%.     

A comparison of hedonic price and stated preference methods to derive monetary values for aircraft noise disturbance and annoyance

This paper compares monetary values for aircraft noise disturbance and annoyance derived using hedonic price and stated preference methods in the same sample areas and over the same sampling time periods. The hedonic price method compares house prices in residential areas across a range of aircraft noise sound levels. The statistical power can be compromised by the many other variables which have significant and often greater effects on prices and because only small fractions of the overall housing stock are bought and sold at any one time. The stated preference method on the other hand, by requiring study participants to trade hypothetical money against hypothetical noise, is entirely based on subjective opinion. It seems that neither method is entirely satisfactory, but there are strong positive correlations between the ratios of aggregated stated preference values to weighted average house prices and LAeq, 16 h and similar noise metrics suggesting sufficient underlying similarities     

An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts using Spatial Hedonic Price Functions

We estimate spatial hedonic price functions to examine local and regional accessibility benefits of commuter rail service in Eastern Massachusetts, while controlling for proximity-related negative externalities and other confounding influences. The data include 1,860 single-family residential properties from four municipalities with commuter rail service, and three municipalities without commuter rail service. We find some evidence of the capitalization of accessibility to commuter rail stations. Two model specifications suggest that properties located in municipalities with commuter rail stations exhibit values that are between 9.6% and 10.1% higher than properties in municipalities without a commuter rail station. With a third model we detect weak evidence of the capitalization of auto access time or walking time to the stations, suggesting that properties located within a one-half mile buffer of a station have values that are 10.1% higher than properties located outside of this buffer area and that an additional minute of drive time from the station is related to a decrease of 1.6% in property values. Our results also indicate that proximity to commuter rail right-of-way has a significant negative effect on property values, which suggests that for every 1,000 ft. in distance from the commuter rail right-of-way, property values are between $732 and $2,897 higher, all else held equal. At the mean sample values, this result translates into an elasticity of between 0.03 and 0.13, depending on the functional form of the hedonic price equation.     

Evaluation of transit proximity effects on residential land prices: an empirical study in Austin,Texas

The Austin MetroRail line in Texas, U.S.A. began operations in 2010 and since then transit-oriented development projects have been fuelled around train stations. Traditional location theory holds that proximity to a transit station should be capitalized into land prices, and numerous empirical studies have demonstrated the effects with mixed results. However, to date no empirical study has investigated this relationship between the newly built rail line and land prices in Austin. This study fills the research gap and suggests a positive effect associated with transit proximity by employing spatial hedonic models. This study also contributes to the existing literature especially in the context of Texas cities where there is a lack of relevant research on transit-capitalization-related topics, and provides insights for decision-makers with different perspectives regarding further rail investment or transportation financing strategies such as value capture programs.     

The capitalization of subway access in home value: A repeat-rentals model with supply constraints in Beijing

Urban rail transit enhances accessibility of the communities it serves and often contributes to the value of local real properties. A small number of studies have gone beyond the traditional cross-sectional hedonic analysis to use repeat-sales data in the US for more robust estimation of rail transit’s impact on property value. While the empirical literature generally supports the positive capitalization of rail transit in home value, it has produced widely varied estimates and failed to incorporate the theoretical insight that more elastic housing supply would reduce the extent of local amenities’ capitalization in home value. Observing Beijing’s rapid expansion of subway lines during the late 2000s, this study uses repeat rental transactions from 2005 to 2011 to investigate how home value reacts to the change in the home’s distance to nearest subway station. Repeat-rentals estimates suggest a rent-distance elasticity of −0.02, 70% below the cross-sectional hedonic estimate. Moreover, using the unique history of state-owned enterprise relocations as instrument for intra-city variation in land supply, we find that the capitalization of subway proximity in home value is weaker where land supply is more elastic. Our findings support the significant bias caused by omitted variables in the hedonic estimates and confirm housing supply’s role in explaining the intra-city spatial variation in estimates.     

Imperfect reversibility of air transport demand: Effects of air fare,fuel prices and price transmission

There are recent evidence that air transport demand may not have a perfectly reversible relationship with income and jet fuel prices, as is assumed in most demand models. However, it is not known if the imperfectly reversible effects of jet fuel price are a result of asymmetries in the supply side, i.e., asymmetries in cost pass through from fuel prices to air fare, or of demand side behavioral asymmetries whereby people value gains and losses differently. This paper uses US time series data and decomposes air fare and fuel price into three component series to develop an econometric model of air transport demand that is capable of capturing the potential imperfectly reversible relationships and test for the presence or absence of reversibility. We find that air transport demand shows asymmetry with respect to air fare, indicating potential imperfect reversibility in consumer behavior. We also find evidence of asymmetry and hysteresis in cost pass-through from jet fuel prices to air fare, showing rapid increases in airfare when fuel prices increases but a slower response in the opposite direction.     

The influence of transportation improvements on interregional trade in Brazil

In this study the impact of transportation improvements on Brazilian interregional commodity flows are considered. The decreasing friction of distance is measured by two variants of the gravity model. First, distance coefficients are calculated for trade among all states in 1942 and 1962. Second, distance coefficients for each state's imports are calculated separately and then related to state per capita income, for the year, 1962. Both the time-series and cross-section results indicate a significant diminution in the friction of distance in the course of Brazilian development. The degree to which trade has integrated the national economy is assessed by the convergence of agricultural prices. Not only have interregional price differentials tended to diminish, but regional price structures are becoming more similar. The interrelation of these price structures provides a method of regionalizing the Brazilian space-economy.Most of the data for this study were collected during the author's tenure as Ford Foundation Visiting Professor at Instituto de Pesquisas Economicas, Universidade de Sao Paulo, Brazil. The Milton Fund and the Department of City and Regional Planning, both of Harvard, sustained the completion of this research. Milton Campanario and Abby Rashid provided invaliable assistance in assembling the data. Jeffrey Dutton of the Harvard Laboratory for Computer Graphics provided a program for calculating distances. William McAuliffe suggested some imaginative interpretations of the factor analysis.     

Real option analysis for environmental compliance: LNG and emission control areas

A wide array of technical and operational solutions is available to shipowners in order to comply with existing and upcoming environmental regulation within Emission Control Areas (ECAs). Liquefied Natural Gas (LNG) is a promising alternative since it offers potential cost savings in addition to ensuring compliance with ECA regulation. But investment to retrofit existing vessels to be able to use LNG carries significant upfront costs, and a high degree of uncertainty remains on the differential between the prices of LNG and conventional maritime fuels, as well as on the availability of LNG and the reliability of its supply chain. New technologies such as LNG inherently carry substantial risk and an ill-chosen investment strategy may have irreversible consequences that could jeopardise the future of the shipping company. One important question is whether interested owners should invest in LNG now to comply with ECA rules in 2015 and reap the benefits of lower LNG prices, or whether it would be advisable to wait until some of the uncertainty is resolved.While traditional discounted cash flow techniques are unable to account for the value of managerial flexibility linked, for example, to the possibility of deferring an investment, real option analysis can be used to analyse such cases. The paper discusses the optimal time for investment in LNG retrofit and takes specific account of the value of an investment deferral strategy versus the advantages obtainable from the immediate exploitation of fuel price differentials. Through the use of a real option model the paper shows that there is a trade-off between low fuel prices and capital expenses for investment in LNG retrofit. The development in LNG is critically dependent on its future price as well as the reduction in capital costs and ship retrofitting costs. In this respect, policy makers can play a critical role in providing support to advance technical knowledge, maintain LNG prices at favourable levels and in avoiding ambiguity on regulation.     

The asymmetric effects of gasoline prices on public transportation use in Taiwan

This study investigates the asymmetric effects of gasoline prices on public transportation use in Taiwan. The empirical results obtained are as follows. First, we verify that gasoline price is an important determinant of transit demand. Gasoline prices have significantly positive effects on bus and mass rapid transit (MRT) use. Second, MRT ridership is more sensitive than bus and railway ridership to gasoline price and income. In the face of oil prices escalation and economic growth, the MRT system should have higher priority in public transportation planning. Third, the effects of gasoline prices on bus and MRT use are asymmetric. Bus and MRT use increases faster when gasoline prices rise than it decreases when gasoline prices fall. The transit agencies should adjust operating strategies faster in the rising of oil prices than in the falling of oil prices. It is important for transit planning to use oil prices as signals and increase the flexibility of operation in dealing with the changes in ridership. Some strategies, such as enhancing the availability of transfer information and updating transit information timely, are helpful to move passengers efficiently.     

Walking accessibility and property prices

Walking is an imperative travel mode, especially for short trips. Walking accessibility, which is defined as the ease of reaching essential destinations in the walk-in catchment area, may affect property prices because residents are more likely to be willing to pay for this attribute. In addition, different categories of public services may have varied influencing directions and magnitude. These two hypotheses are tested in this study. Taking Xiamen, China as a case study, we estimate the cumulative opportunities of public services on foot and develop a set of hedonic pricing models (more specifically, two pre-specified ordinary least squares models, four Box-Cox transformed models, and two spatial econometric models) to estimate, whether and to what extent, walking accessibility contributes to price premiums (or discounts). Using a database of 22,586 second-hand residential properties in 358 multi- or high-storey residential complexes, we find that (1) walking accessibility to public services contributes to the variations in housing prices and plays a role in determining housing prices; (2) different categories of services have vastly divergent, even opposite, influencing impacts; and (3) walking accessibility to primary schools, commercial centers, and sports and cultural centers have positive effects on house prices whereas walking accessibility to comprehensive hospitals adversely affects housing prices. Methodologically, we confirm that spatial econometric methods improve estimation accuracy and have more explanatory power relative to the standard non-spatial models. Robustness check analysis further guarantees the plausibility of this study.