Subway Expansion, Jobs Accessibility and Home Value Appreciation in Four Global Cities: Considering Both Local and Network Effects
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2021
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We explore the potential of incorporating accessibility analysis in studying the
impact of subway expansions on the real estate market. We first demonstrate that
using increases in accessibility to firms as a continuous treatment variable instead
of its binary alternative, the station-dummy approach, yields better goodness-of-fit
in a quasi-experimental econometric analysis. We show that the dummy treatment
variable consistently reported overestimated coefficients of impact for new subway
stations. Furthermore, accessibility measures allow the exploration of impacts
beyond the local effects around new subway stations, shedding light on network
impact that has been largely overlooked in the literature. To provide greater external
validity to our results, we apply the same analysis to the cities of Santiago (Chile),
São Paulo (Brazil), Singapore, and Barcelona (Spain) and explore the common
results. We argue that the integration of urban economics and transportation
analysis can bring innovation to the empirical approach commonly adopted in the
literature, and the use of accessibility measures in causal empirical studies on
transportation impacts can produce more robust and comprehensive results and
capture the nuanced spatial heterogeneity effects.
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Membros da banca
Área do Conhecimento CNPQ
CIENCIAS SOCIAIS APLICADAS