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Speed 2.0. Evaluating Access to Universal Digital Highways

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  • Gabriel M. Ahlfeldt
  • Pantelis Koutroumpis
  • Tommaso Valletti

Abstract

This paper shows that having access to a fast Internet connection is an important determinant of capitalization effects in property markets. We combine microdata on property prices in England between 1995 and 2010 with local availability of Internet broadband connections. Rich variation in Internet speed over space and time allows us to estimate the causal effect of broadband speed on property prices. We find a significantly positive effect, but diminishing returns to speed. Our results imply that an upgrade from narrowband to a high-speed first generation broadband connection (offering Internet speed up to 8 Mbit/s) could increase the price of an average property by as much as 2.8%. A further increase to a faster connection (offering speeds up to 24 Mbit/s) leads to an incremental price effect of an additional 1%. We decompose this effect by income and urbanization, finding considerable heterogeneity. These estimates are used to evaluate proposed plans to deliver fast broadband universally. We find that increasing speed and connecting unserved households passes a cost-benefit test in urban and some suburban areas, while the case for universal delivery in rural areas is not as strong.

Suggested Citation

  • Gabriel M. Ahlfeldt & Pantelis Koutroumpis & Tommaso Valletti, 2014. "Speed 2.0. Evaluating Access to Universal Digital Highways," SERC Discussion Papers 0161, Centre for Economic Performance, LSE.
  • Handle: RePEc:cep:sercdp:0161
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    Cited by:

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    2. Jung, Juan & López-Bazo, Enrique, 2020. "On the regional impact of broadband on productivity: The case of Brazil," Telecommunications Policy, Elsevier, vol. 44(1).
    3. Constantin Mang, 2016. "Market Consequences of ICT Innovations," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 70.
    4. Bourreau, Marc & Grzybowski, Lukasz & Hasbi, Maude, 2019. "Unbundling the incumbent and deployment of high-speed internet: Evidence from France," International Journal of Industrial Organization, Elsevier, vol. 67(C).
    5. Briglauer, Wolfgang & Cambini, Carlo & Grajek, Michał, 2018. "Speeding up the internet: Regulation and investment in the European fiber optic infrastructure," International Journal of Industrial Organization, Elsevier, vol. 61(C), pages 613-652.
    6. Andrews, Michael J. & Whalley, Alexander, 2022. "150 years of the geography of innovation," Regional Science and Urban Economics, Elsevier, vol. 94(C).
    7. Grzybowski, Lukasz & Hasbi, Maude & Liang, Julienne, 2018. "Transition from copper to fiber broadband: The role of connection speed and switching costs," Information Economics and Policy, Elsevier, vol. 42(C), pages 1-10.
    8. Lobo, Bento J. & Alam, Md Rafayet & Whitacre, Brian E., 2020. "Broadband speed and unemployment rates: Data and measurement issues," Telecommunications Policy, Elsevier, vol. 44(1).
    9. Abrardi, Laura & Cambini, Carlo, 2019. "Ultra-fast broadband investment and adoption: A survey," Telecommunications Policy, Elsevier, vol. 43(3), pages 183-198.
    10. Zhao, Junfeng & Yan, Jinling & Ran, Qiying & Yang, Xiaodong & Su, Xufeng & Shen, Jianliang, 2022. "Does the opening of high-speed railways improve urban livability? Evidence from a quasi-natural experiment in China," Socio-Economic Planning Sciences, Elsevier, vol. 82(PB).
    11. Ahlfeldt, Gabriel M. & Roth, Duncan & Seidel, Tobias, 2018. "The regional effects of Germany’s national minimum wage," Economics Letters, Elsevier, vol. 172(C), pages 127-130.
    12. Benjamin Faber & Rosa Sanchis-Guarner & Felix Weinhardt, 2015. "ICT and Education: Evidence from Student Home Addresses," SERC Discussion Papers 0186, Centre for Economic Performance, LSE.
    13. Canzian, Giulia & Poy, Samuele & Schüller, Simone, 2019. "Broadband upgrade and firm performance in rural areas: Quasi-experimental evidence," Regional Science and Urban Economics, Elsevier, vol. 77(C), pages 87-103.
    14. Geraci, Andrea & Nardotto, Mattia & Reggiani, Tommaso & Sabatini, Fabio, 2022. "Broadband Internet and social capital," Journal of Public Economics, Elsevier, vol. 206(C).
    15. Gabriel M Ahlfeldt, 2018. "Weights to Address Non-parallel Trends in Panel Difference-in-differences Models," CESifo Economic Studies, CESifo, vol. 64(2), pages 216-240.
    16. Ahlfeldt, Gabriel M. & Maennig, Wolfgang & Mueller, Steffen Q., 2022. "The generation gap in direct democracy: Age vs. cohort effects," European Journal of Political Economy, Elsevier, vol. 72(C).
    17. Briglauer, Wolfgang & Dürr, Niklas S. & Falck, Oliver & Hüschelrath, Kai, 2019. "Does state aid for broadband deployment in rural areas close the digital and economic divide?," Information Economics and Policy, Elsevier, vol. 46(C), pages 68-85.
    18. Edquist, Harald, 2022. "The economic impact of mobile broadband speed," Telecommunications Policy, Elsevier, vol. 46(5).
    19. Koutroumpis, Pantelis & Leiponen, Aija, 2016. "Crowdsourcing mobile coverage," Telecommunications Policy, Elsevier, vol. 40(6), pages 532-544.
    20. Dorothee Bär & Peter Knauth & Wilhelm Eschweiler & Wolfgang Kopf & Valentina Daiber & Wilhelm Dresselhaus & Iris Henseler-Unger & Christian Wernick & Justus Haucap & Ulrich Heimeshoff & Mirjam Lange &, 2016. "How Much Is Enough? Broadband in Germany," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(20), pages 03-28, October.
    21. Briglauer, Wolfgang & Dürr, Niklas S. & Falck, Oliver & Hüschelrath, Kai, 2019. "Does state aid for broadband deployment in rural areas close the digital and economic divide?," Information Economics and Policy, Elsevier, vol. 46(C), pages 68-85.
    22. Hasbi, Maude, 2017. "Impact of Very High-Speed Broadband on Local Economic Growth: Empirical Evidence," 14th ITS Asia-Pacific Regional Conference, Kyoto 2017: Mapping ICT into Transformation for the Next Information Society 168484, International Telecommunications Society (ITS).
    23. Briglauer, Wolfgang & Dürr, Niklas & Gugler, Klaus, 2021. "A retrospective study on the regional benefits and spillover effects of high-speed broadband networks: Evidence from German counties," International Journal of Industrial Organization, Elsevier, vol. 74(C).
    24. Koutroumpis, Pantelis, 2019. "The economic impact of broadband: Evidence from OECD countries," Technological Forecasting and Social Change, Elsevier, vol. 148(C).

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    More about this item

    Keywords

    Internet; property prices; capitalization; digital speed; universal access to broadband;
    All these keywords.

    JEL classification:

    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • H4 - Public Economics - - Publicly Provided Goods
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis

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