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Valuing rail access using transport innovations

Gibbons, Stephen and Machin, Stephen (2004) Valuing rail access using transport innovations. CEPDP, 611. Centre for Economic Performance, London School of Economics and Political Science, London, UK. ISBN 0753017121

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Abstract

In this paper we implement a powerful empirical approach than has not previously been applied to rail transport evaluation to ascertain how much consumers value rail access. We study the effects on house prices of a transport innovation that altered the distance to the nearest station for some households, but left others unaffected. The transport innovation we study is the construction of new stations under improvements made to the London Underground and Docklands Light Railway in South East London in the late 1990s. Using the innovation to implement a quasi-experimental approach studying house price changes in affected versus unaffected areas allows us to avoid the biases inherent in cross-sectional valuation work. Our evidence on distance-station effects on prices suggests that rail access is significantly valued by households and that these valuations are sizable as compared to the valuations of other local amenities and services.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk
Additional Information: © 2004 the authors
Library of Congress subject classification: H Social Sciences > HE Transportation and Communications
Journal of Economic Literature Classification System: R - Urban, Rural, and Regional Economics > R4 - Transportation Systems
Sets: Research centres and groups > Centre for the Economics of Education (CEE)
Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Departments > Geography and Environment
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Identification Number: 611
Date Deposited: 28 Jul 2008 08:51
URL: http://eprints.lse.ac.uk/19989/

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