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Valuing rail access using transport innovations

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  • Stephen Gibbons
  • Stephen Machin
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    Abstract

    In this paper we implement a powerful empirical approach than has not previously been applied to rail transport evaluation to ascertain how much consumers value rail access. We study the effects on house prices of a transport innovation that altered the distance to the nearest station for some households, but left others unaffected. The transport innovation we study is the construction of new stations under improvements made to the London Underground and Docklands Light Railway in South East London in the late 1990s. Using the innovation to implement a quasi-experimental approach studying house price changes in affected versus unaffected areas allows us to avoid the biases inherent in cross-sectional valuation work. Our evidence on distance-station effects on prices suggests that rail access is significantly valued by households and that these valuations are sizable as compared to the valuations of other local amenities and services.

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    File URL: http://eprints.lse.ac.uk/19989/
    File Function: Open access version.
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    Bibliographic Info

    Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 19989.

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    Length: 37 pages
    Date of creation: Jan 2004
    Date of revision:
    Handle: RePEc:ehl:lserod:19989

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    Web page: http://www.lse.ac.uk/
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    Related research

    Keywords: House Prices; Transport Innovations;

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    1. Sandra E. Black, 1997. "Do better schools matter? Parental valuation of elementary education," Research Paper 9729, Federal Reserve Bank of New York.
    2. Vernon Henderson, 2001. "Marshall's Scale Economies," Working Papers 01-17, Center for Economic Studies, U.S. Census Bureau.
    3. Gibbons, Steve & Machin, Stephen, 2003. "Valuing English primary schools," Journal of Urban Economics, Elsevier, vol. 53(2), pages 197-219, March.
    4. 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..
    5. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July.
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