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Railroad Development and Land Value

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  • Coffman, Chad
  • Gregson, Mary Eschelbach
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    Abstract

    Land owners in the rural Midwest experienced significant capital gains during the late 1840s and early 1850s. A primary catalyst of increasing land values was the construction of new railroads. Land in close proximity to new railroads became more valuable because of decreased transportation costs. We use a straightforward model of land price determination to estimate the impact on land values of distance from the railroad. The estimates allow us to infer a lower bound for capital gains attributable to the construction of railroads in Knox County, Illinois, during the 1850s. Knox County landowners reaped capital gains of more than $270,000--9 percent of the value of land. Copyright 1998 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 16 (1998)
    Issue (Month): 2 (March)
    Pages: 191-204

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    Handle: RePEc:kap:jrefec:v:16:y:1998:i:2:p:191-204

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. Katherine White, 2008. "Sending or Receiving Stations? The Dual Influence of Railroads in Early 20th-Century Great Plains Settlement," Population Research and Policy Review, Springer, vol. 27(1), pages 89-115, February.
    2. Robert A. Margo, 1998. "Labor Market Integration Before the Civil War," NBER Working Papers 6643, National Bureau of Economic Research, Inc.
    3. Wenjie Wu, 2012. "Does Public Investment Spur the Land Market?: Evidence from Transport Improvement in Beijing," SERC Discussion Papers 0116, Spatial Economics Research Centre, LSE.
    4. Ahlfeldt, Gabriel M., 2009. "The train has left the station: Do markets value intra-city access to inter-city rail connections?," MPRA Paper 13900, University Library of Munich, Germany.
    5. Joost Buurman, 2001. "A spatial exploratory model of rural land prices," ERSA conference papers ersa01p15, European Regional Science Association.
    6. John Joseph Wallis, 2001. "The Property Tax as a Coordinating Device: Financing Indiana's Mammoth Internal Improvement System, 1835 to 1842," NBER Historical Working Papers 0136, National Bureau of Economic Research, Inc.
    7. Michael R. Haines & Robert A. Margo, 2006. "Railroads and Local Economic Development: The United States in the 1850s," NBER Working Papers 12381, National Bureau of Economic Research, Inc.
    8. Gabriel M. Ahlfeldt, 2012. "Rail mega-projects in the realm of inter- and intra-city accessibility: evidence and outlooks for Berlin," LSE Research Online Documents on Economics 43493, London School of Economics and Political Science, LSE Library.
    9. Christopher S. Decker & David T. Flynn, 2004. "The Railroad’s Impact on Land Values in the Upper Great Plains at the Closing of the Frontier," Economic History 0408001, EconWPA.

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