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The Impacts Of Transportation Infrastructure On Property Values: A Higher-Order Spatial Econometrics Approach

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Author Info

  • Jeffrey P. Cohen
  • Catherine Morrison Paul

Abstract

We evaluate the impacts of enhanced transportation systems on property values for U.S. manufacturing firms, allowing for higher-order spatial error correlation. We use a state-level model of production cost and input demand that recognizes the productive contribution of public transportation infrastructure stocks. Our findings include significant impacts on property shadow values and input composition from both public highway and airport investment. We also find that these effects have a spatial dimension that depends on the proximity of the transport system; at least one and as many as three spatial error lags are significant in our estimating equations. Further, recognizing production growth from transportation system improvements augments the associated incentives for private capital investment. Copyright Blackwell Publishing, Inc. 2007

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Journal of Regional Science.

Volume (Year): 47 (2007)
Issue (Month): 3 ()
Pages: 457-478

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Handle: RePEc:bla:jregsc:v:47:y:2007:i:3:p:457-478

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-4146

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Cited by:
  1. Jeffrey Thompson, 2010. "Prioritizing Approaches to Economic Development in New England: Skills, Infrastructure, and Tax Incentives," Published Studies priorities_september7_per, Political Economy Research Institute, University of Massachusetts at Amherst.
  2. Plastina, Alejandro S. & Fulginiti, Lilyan E., 2009. "Rates of Return to Public Agricultural Research in 48 U.S. States," 2009 Conference, August 16-22, 2009, Beijing, China 51709, International Association of Agricultural Economists.
  3. Deepak Premkumar & Austin Quackenbush & Georgeanne Artz & Peter Orazem, 2013. "If You Build it, Will They Come?: Fiscal Federalism, Local Provision of Public Tourist Amenities, and the Vision Iowa Fund," The Review of Regional Studies, Southern Regional Science Association, vol. 43(2,3), pages 155-173, Winter.
  4. Harald Badinger & Peter Egger, 2008. "GM Estimation of Higher Order Spatial Autoregressive Processes in Panel Data Error Component Models," CESifo Working Paper Series 2301, CESifo Group Munich.
  5. Bottasso, Anna & Conti, Maurizio, 2009. "Scale economies, technology and technical change in the water industry: Evidence from the English water only sector," Regional Science and Urban Economics, Elsevier, vol. 39(2), pages 138-147, March.
  6. Jaghdani, Tinoush Jamali & Brummer, Bernhard, 2011. "Demand for Irrigation Water for Pistachio Production from Depleting Groundwater Resources: Spatial Econometric Approach," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 114457, European Association of Agricultural Economists.
  7. Efthymiou, D. & Antoniou, C., 2013. "How do transport infrastructure and policies affect house prices and rents? Evidence from Athens, Greece," Transportation Research Part A: Policy and Practice, Elsevier, vol. 52(C), pages 1-22.
  8. Harald Badinger & Peter Egger, 2009. "Estimation of Higher-Order Spatial Autoregressive Panel Data Error Component Models," CESifo Working Paper Series 2556, CESifo Group Munich.
  9. Harald Badinger & Peter Egger, 2014. "Fixed Effects and Random Effects Estimation of Higher-Order Spatial Autoregressive Models with Spatial Autoregressive and Heteroskedastic Disturbances," Department of Economics Working Papers wuwp173, Vienna University of Economics, Department of Economics.
  10. Harald Badinger & Peter Egger, 2008. "GM Estimation of Higher-Order Spatial Autoregressive Processes in Cross-Section Models with Heteroskedastic Disturbances," CESifo Working Paper Series 2356, CESifo Group Munich.

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