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On joint railway and housing development strategy

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  • MA, Xiaosu
  • LO, Hong K.
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    Abstract

    Transit Oriented Development (TOD) with railway service is recognized as a sustainable mode of development for highly dense megacities. In addition to providing safe and efficient transit services, reducing auto dependence and therefore less need for highway expansions, the improved accessibility of TOD influences commuters’ residential location choices and the resultant housing value. Traditionally, statistical approaches have been used to estimate the relationship between railway development and housing value for individual sites. To some degree, TOD has also been studied with integrated land-use transport models. While useful, they lack an analytical framework to study the region-wide impacts of TOD on residential location and travel choices and the resultant land value changes. In this study, the joint railway and housing development strategy is modeled based on a combined equilibrium formulation with the bid-rent process. The problem is formulated as a mathematical program with equilibrium constraints, in which the upper level optimizes the objective for the joint development strategy by deciding on the combination of housing supplies and railway service levels. Analytical results are obtained for a single corridor in a multi-modal transport network, which are further illustrated by sensitivity analyses. A numerical example is constructed to demonstrate the approach and compare with other separate development strategies. The results generally confirm the synergy between railway and housing developments.

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    Bibliographic Info

    Article provided by Elsevier in its journal Transportation Research Part B: Methodological.

    Volume (Year): 57 (2013)
    Issue (Month): C ()
    Pages: 451-467

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    Handle: RePEc:eee:transb:v:57:y:2013:i:c:p:451-467

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    Related research

    Keywords: Bid-rent; Joint railway and housing development; Network equilibrium model;

    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Li, Zhi-Chun & Lam, William H.K. & Wong, S.C. & Choi, Keechoo, 2012. "Modeling the effects of integrated rail and property development on the design of rail line services in a linear monocentric city," Transportation Research Part B: Methodological, Elsevier, vol. 46(6), pages 710-728.
    2. Yang, Hai & Huang, Hai-Jun, 2004. "The multi-class, multi-criteria traffic network equilibrium and systems optimum problem," Transportation Research Part B: Methodological, Elsevier, vol. 38(1), pages 1-15, January.
    3. Ma, Xiaosu & Lo, Hong K., 2012. "Modeling transport management and land use over time," Transportation Research Part B: Methodological, Elsevier, vol. 46(6), pages 687-709.
    4. Lo, Hong K. & Chen, Anthony, 2000. "Traffic equilibrium problem with route-specific costs: formulation and algorithms," Transportation Research Part B: Methodological, Elsevier, vol. 34(6), pages 493-513, August.
    5. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521747387, October.
    6. Siman Tang & Hong Lo, 2010. "On the financial viability of mass transit development: the case of Hong Kong," Transportation, Springer, vol. 37(2), pages 299-316, March.
    7. Lo, Hong K & Tang, Siman & Wang, David Z.W., 2008. "Managing the Accessibility on Mass Public Transit: the Case of Hong Kong," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 1(2), pages 23-49.
    8. Tang, Siman & Lo, Hong K., 2008. "The impact of public transport policy on the viability and sustainability of mass railway transit - The Hong Kong experience," Transportation Research Part A: Policy and Practice, Elsevier, vol. 42(4), pages 563-576, May.
    9. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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    Cited by:
    1. Dubé, Jean & Legros, Diègo & Thériault, Marius & Des Rosiers, François, 2014. "A spatial Difference-in-Differences estimator to evaluate the effect of change in public mass transit systems on house prices," Transportation Research Part B: Methodological, Elsevier, vol. 64(C), pages 24-40.

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