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Valuing rail access using transport innovations

Gibbons, Stephen and Machin, Stephen (2005) Valuing rail access using transport innovations. Journal of Urban Economics, 57 (1). pp. 148-169. ISSN 0094-1190

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Abstract

This paper uses a powerful empirical method to evaluate the benefits of rail access to consumers. 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 in London in the late 1990s. Using this innovation we implement a quasi-experimental approach that allows us to avoid the biases inherent in cross-sectional valuation work. Our evidence on distance-station effects on local prices, identified through distance changes induced by the transport innovation, suggests that households value rail access and that these valuations are large compared to the valuations of other local amenities.

Item Type: Article
Official URL: http://www.elsevier.com/locate/inca/622905
Additional Information: © 2005 Elsevier
Library of Congress subject classification: T Technology > TF Railroad engineering and operation
G Geography. Anthropology. Recreation > GB Physical geography
Journal of Economic Literature Classification System: R - Urban, Rural, and Regional Economics > R4 - Transportation Systems
Sets: Departments > Geography and Environment
Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 30 Nov 2007
URL: http://eprints.lse.ac.uk/2937/

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