Economic impact of a supply change in mass transit in urban areas: A Canadian example

Transportation Research Part A: Policy and Practice

Volumn 45, Issue 1, 2011, Pages 46-62

  Dubé, Jean ^a   Rosiers, François Des ^b   Thériault, Marius ^b   Dib, Patricia ^b  

^a UQAR   (Canada)

^b UNIVERSITÉ LAVAL   (Canada)

Author keywords

Difference in differences estimator; Economic impact; Hedonic price model; Policy evaluation; Public transportation; Rapid bus transit

Indexed keywords

BUSES; COST ESTIMATING; RAPID TRANSIT; URBAN PLANNING;

BUS TRANSITS; DIFFERENCE-IN-DIFFERENCES; ECONOMIC IMPACTS; HEDONIC PRICE MODEL; POLICY EVALUATION; PUBLIC TRANSPORTATION;

ECONOMIC AND SOCIAL EFFECTS;

BUS TRANSPORT; ECONOMIC IMPACT; ESTIMATION METHOD; HEDONIC ANALYSIS; NUMERICAL MODEL; POLICY STRATEGY; STRATEGIC APPROACH; TRANSPORTATION POLICY; URBAN PLANNING; URBAN POLICY; URBAN TRANSPORT;

CANADA; QUEBEC [CANADA];

EID: 78449250932     PISSN: 09658564     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.tra.2010.09.002     Document Type: Article

References (68)

1. Abraham J.M., Schauman W.S. New evidence on home prices from Freddie Mac repeat sales. AREUEA Journal 1991, 19:333-352.
2. Anselin L., Syabri I., Kho Y. GeoDa: an introduction to spatial data analysis. Geographical Analysis 2006, 38:5-22.
3. Bailey M.J., Muth R.F., Nourse H.O. A regression method for real estate price index construction. Journal of the American Statistical Association 1963, 58(304):933-942.
4. Bajic V. The effects of a new subway line on housing prices in metropolitan Toronto. Urban Studies 1983, 20(2):147-158.
5. Baum-Snow N., Kahn M. The effects of new public projects to expand urban rail transit. Journal of Public Economics 2000, 77(2):241-263.
6. Benjamin J.D., Sirmans G.S. Mass transportation, apartment rent and property values. Journal of Real Estate Research 1996, 12(1):1-8.
7. Bowes D.R., Ihlanfeldt K.R. Identifying the impacts of rail transit stations on residential property values. Journal of Urban Economics 2001, 50:1-25.
8. Box G.E.P., Cox D.R. An analysis of transformations. Journal of the Royal Statistical Society, Series B (Methodological) 1964, 26(2):211-252.
9. Boyle M.A., Kiel K.A. A survey of house price hedonic studies of the impact of environmental externalities. Journal of Real Estate Literature 2001, 9(2):117-144.
10. Campbel D.T. Reforms as experiments. American Psychologist 1969, 24(4):409-429.
11. Can A. Specification and estimation of hedonic housing price models. Regional Science and Urban Economics 1992, 22(3):453-474.
12. Cao, X., Hough, J.A., 2007. Hedonic Value of Transit Accessibility: An Empirical Analysis in a Small Urban Area, Working Paper, Small Urban & Rural Transit Center, 15 p.
13. Card D. The impact of the Mariel boatlift on the Miami labor market. Industrial and Labor Relations Review 1990, 43:245-257.
14. Card D., Krueger A.B. Minimum wages and employment: a case study of the fast-food industry in New Jersey and Pennsylvania. American Economic Review 1994, 84:772-793.
15. Case K.E., Shiller R.J. The efficiency of the market for single-family homes. American Economic Review 1989, 79:125-137.
16. Case B., Pollakowski H.O., Wachter S.M. On choosing among house price index methodologies. AREUEA Journal 1991, 19:286-307.
17. Celik H.M., Yankaya U. The impact of rail transit investment on the residential property values in developing countries: the case of Izmir subway, Turkey. Property Management 2006, 24(4):369-382.
18. Cervero, R., Duncan, M., 2004. Transit's value-added: Effects of light and commuter rail services on commercial land values, Working paper, University of California, Berkley, 20 p.
19. Chen, H., Rufolo, A., Dueker, K.J., 1997. Measuring the Impact of Light Rail Systems on Single Family Home Values: A Hedonic Approach with GIS Application, Discussion Paper 97-3, Centre for Urban Studies, 12 p.
20. Clapp J.M., Giacotto C. Estimating price trends for residential property: a comparison of repeat sales and assessed value methods. Journal of Real Estate Finance and Economics 1992, 5:357-374.
21. Clapp J.M., Giacotto C., Tirtiroglu D. housing price indices based on all transactions compared to repeat subsamples. AREUEA Journal 1991, 19:270-285.
22. Debrezion G., Pels E., Rietveld P. The impact of railway stations on residential and commercial property value: a meta-analysis. Journal of Real Estate Finance and Economic 2007, 35:161-180.
23. Des Rosiers F., Thériault M., Voisin M., Dubé J. Does overall quality of an urban bus service capitalized into house values?. International Journal of Sustainable Transportation 2010, 4(6):321-346.
24. Dewees D. The effect of a subway on residential property values in Toronto. Journal of Urban Economics 1976, 3:357-369.
25. Dubin R.A. Predicting house prices using multiple listing data. Journal of Real Estate Finance and Economics 1998, 17(1):35-60.
26. Real Estate Institute of Queensland, 2001. Busway Suburbs' Property Values Jump, February 14, 1 p.
27. Garrett, T.A., 2004. Light-Rail Transit in America: Policy Issues and Prospects for Economic Development, Working Paper, Federal Reserve Bank of St-Louis, 30 p.
28. Gatzlaff D., Smith M. The impact of the Miami Metrorail on the value of residences near station locations. Land Economics 1993, 69(1):54-66.
29. Gibbons S., Machin S. Valuing school quality, better transport, and lower crime: evidence from house prices. Oxford Review of Economic Policy 2008, 24(1):99-119.
30. Haider, M., Miller, E.J., 2000. Effects of transportation infrastructure and locations on residential real estate values: application of spatial autoregressive techniques. Transportation Research Record, 1722, Paper No.00-0641, 8 p.
31. Halvorsen R., Pollakowski H.O. Choice of functional form for hedonic price equations. Journal of Urban Economics 1981, 10(1):37-49.
32. Hess D.B., Almeida T.M. Impact of proximity to light rail rapid transit on station-area property values in buffalo, New-York. Urban Studies 2007, 44(5):1041-1068.
33. Hickman E.P., Gaines J.P., Ingram F.J. The influence of neighbourhood quality on residential values. Real Estate Appraiser and Analyst 1984, 50(2):36-42.
34. Knaap G.J., Ding C., Hopkins L.D. Do plans matter? The effects of light rail plans on land values in station areas. Journal of Planning Education and Research 2001, 21(1):32-39.
35. Krantz D.P., Waever R.D., Alter T.R. Residential tax capitalization: consistent estimates using micro-level data. Land Economics 1982, 58(4):488-496.
36. Landis, J., Guhathakurta, S., Zhang, M., 2004. Capitalization of Transit Investments into Single-Family Home Prices: A Comparative Analysis of Five California Rail Transit Systems, UCTC Working Paper No. 246, 38 p.
37. Levinson H.S., Zimmerman S., Clinger J., Rutherford C.S. Bus rapid transit: An overview. Journal of Public Transportation 2002, 5(2):1-30.
38. Lewis-Workman, S., Brod, D., 1997. Measuring the neighborhood benefits of rail transit accessibility. Transportation Research Record, 1576, Paper No. 971371, 7 p.
39. Lin J.-J., Hwang C.H. Analysis of property prices before and after the opening of the Taipei subway system. Annals of Regional Science 2003, 38:687-704.
40. Mendieta, J.C., Perdomo, J.A., 2007. Especificación y estimación de un modelo de precios hedónico espacial para evaluar el impacto de Transmilenio sobre el valor de la propiedad en Bogotá. Bogotá, Colombia, CEDE 2007-22, 44 p.
41. McDonald J., Osuji C. The effects of anticipated transportation improvements on residential land values. Regional Science and Urban Economics 1995, 25:261-278.
42. McMillen D.P., McDonald J. Reaction of house prices to a new rapid transit line: Chicago's midway line, 1983-1999. Real Estate Economics 2004, 32(3):463-486.
43. Meyer B.D. Natural and quasi-experiments in economics. Journal of Business and Economic Statistics 1995, 13:151-161.
44. Meyer B.D., Viscusi W.K., Durbin D.L. Workers' compensation and injury duration: evidence from a natural experiment. American Economic Review 1995, 85:322-340.
45. Munoz-Raskin, R., 2006. Walking Accessibility to Bus Rapid Transit in Latin America: Does it Affect Property Values? The Case of Bogota. In: Columbia, TRB 86th Annual Meeting Compendium of Papers CD-ROM.
46. Nelson J.P. Meta-analysis of airport noise and hedonic property values. Journal of Transport Economics and Policy 2004, 38(1):1-28.
47. Rodriguez, D.A., Mojica, C.H., 2008. Land Value Impacts of Bus: The Case of Bogota's Transmilenio. Land Lines, Lincoln Institute of Land Policy, April: 2-7, 24.
48. Rodriguez D.A., Mojica C.H. Capitalization of BRT network expansions effects into prices of non-expansion areas. Transportation Research Part A 2009, 43(5):560-571.
49. Rodriguez D.A., Targa F. Value of accessibility to Bogota's bus rapid transit system. Transport Reviews 2004, 24(5):587-610.
50. Rosen S. Hedonic prices and implicit markets: product differentiation in pure competition. Journal of Political Economy 1974, 82:34-55.
51. Rosenzweig M., Wolpin K. Natural " natural experiments" in economics. Journal of Economic Literature 2000, XXXVIII(December):827-874.
52. Ryan S. Property values and transportation facilities: finding the transportation-land use connection. Journal of Planning Literature 1999, 13(4):412-427.
53. Ryan S. The value of access to highways and light rail transit: evidence for industrial and office firms. Urban Studies 2005, 42(4):751-764.
54. Shefer D. Utility changes in housing and neighbourhood services for households moving into and out of distressed neighbourhoods. Journal of Urban Economics 1986, 19:107-124.
55. Sirmans G.S., Benjamin J.D. Determinants of market rent. Journal of Real Estate Research 1991, 6(3):357-379.
56. Smith J.J., Gihring T.A. Financing Transit Systems Through Value Capture - An Annotated Bibliography 2006, Victoria Transport Policy Institute, Victoria, Canada, 35 p.
57. So H., Tse R., Ganesan S. Estimating the Influence of transport on house prices: evidence from Hong Kong. Journal of Property Valuation and Investment 1997, 15(1):40-47.
58. Sommervoll D.E. Temporal aggregation in repeated sales models. Journal of Real Estate Finance and Economics 2006, 33:151-165.
59. Steele M., Goy R. Short holds, the distributions of first and second sales, and bias in the repeat-sales price index. Journal of Real Estate Finance and Economics 1997, 14:133-154.
60. Strange W. Overlapping neighbourhoods and housing externalities. Journal of Urban Economics 1992, 32(1):17-39.
61. Thériault M., Des Rosiers F., Joerin F. Modelling accessibility to urban services using fuzzy logic: a comparative analysis of two methods. Journal of Property Investment and Finance 2005, 23(1):22-54.
62. Voith R. Transportation, sorting and house values. AREUEA Journal 1991, 19(2):117-137.
63. Voith R. Changing capitalization of CBD-oriented transportation systems: evidence from Philadelphia. Journal of Urban Economics 1993, 43:799-815.
64. Weinburger R.R. Light rail proximity: benefit of detriment in the case of Santa Clara County California?. Transportation Research Record: Journal of the Transportation Research Board 2001, 1747:104-113.
65. Weinstein, B.L., Clower, T.L., 2003. DART Light Rail's Effect on Taxable Property Valuations and Transit-Oriented Development. Document Prepared for the Dallas Area Rapid Transit, University of North Texas, 14 p.
66. White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 1980, 48(4):817-838.
67. Yinger J.H., Bloom H.S., Borsch-Supan A., Ladd H.F. Property Taxes and House Values: The Theory and Estimation of Intrajurisdictional Property Tax Capitalization, Studies in Urban Economics 1987, Academic Press, Princeton University, 218 p.
68. Yiu C.Y., Wong S.K. The effects of expected transport improvements on housing prices. Urban Studies 2005, 42(1):113-125.