THE IMPACTS OF CAR DRIVING AND PURCHASING RESTRICTIONS ON THE VALUE OF SUBWAY PROXIMITY: EVIDENCE FROM HOUSING MARKET IN BEIJING
Based on housing transaction data in Beijing 2005-2016, this thesis examines the impacts of car driving and purchasing restrictions on the value of subway proximity. The thesis proposes a heterogeneous framework for citywide subway capitalization studies by adding station fixed effects to the standard practice of hedonic method. Results suggest that for second-hand homes, subway proximity is a significant determinant of housing prices. The 2008 car driving restriction has increased the value of proximity for second-hand homes, but only for those within the 8km-radius of subway stations. The 2014 bi-monthly lottery restriction induces an unexpected but robust negative effect on proximity values, which probably implies that gentrification has started to take place in neighborhoods that are near subway stations.
Environmental economics; Urban planning
Barwick, Panle Jia
Applied Economics and Management
M.S., Applied Economics and Management
Master of Science
dissertation or thesis