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Does public transit use increase the economic efficiency of urban areas?

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  • Drennan, Mathew

    ()
    (University of California at Los Angeles)

  • Brecher, Charles

    ()
    (New York University)

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    Abstract

    This paper explores the relationship between the scale of public transit services in urban areas of the U.S. and the efficiency of those economies, with efficiency measured by commercial office rents. Panel regressions are estimated in which real office rent is the left-hand variable. The key right-hand variable is per capita transit use. Other right-hand variables include demand for office space, office vacancy rate, average real wage and unemployment rate. Two-stage least squares equations are estimated to deal with possible simultaneity between office rents and transit use. Results indicate a positive relationship between public transit use and office rents. The relationship is stronger in areas with higher concentrations of office space in the central business district; however, the estimated dollar impact of transit use on office rents is small.

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    Bibliographic Info

    Article provided by Center for Transportation Studies, University of Minnesota in its journal The Journal of Transport and Land Use.

    Volume (Year): 5 (2012)
    Issue (Month): 3 ()
    Pages: 53-67

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    Handle: RePEc:ris:jtralu:0091

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    Related research

    Keywords: public transit; urban; economies; efficiency;

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    1. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2004. "The Impact of Railway Stations on Residential and Commercial Property Value: a Meta Analysis," Tinbergen Institute Discussion Papers 04-023/3, Tinbergen Institute.
    2. Matthew P. Drennan & Hugh F. Kelly, 2011. "Measuring urban agglomeration economies with office rents," Journal of Economic Geography, Oxford University Press, vol. 11(3), pages 481-507, May.
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