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Railroad Development and Land Value

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Author Info
Coffman, Chad
Gregson, Mary Eschelbach
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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Publisher 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
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
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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  1. 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. [Downloadable!]
  2. Robert A. Margo, 1998. "Labor Market Integration Before the Civil War," NBER Historical Working Papers 0109, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. 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. [Downloadable!] (restricted)
  4. 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. [Downloadable!] (restricted)
  5. Joost Buurman, 2001. "A spatial exploratory model of rural land prices," ERSA conference papers ersa01p15, European Regional Science Association. [Downloadable!]
  6. 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. [Downloadable!] (restricted)
  7. 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. [Downloadable!]
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