Urban traffic externalities: quasi-experimental evidence from housing prices
Ioulia Ossokina () and
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Gerard Verweij: CPB Netherlands Bureau for Economic Policy Analysis
CPB Discussion Paper from CPB Netherlands Bureau for Economic Policy Analysis
This paper exploits a quasi-experiment to value the benefits of reducing urban traffic externalities. As a source of exogenous variation we use the opening of a new bypass in The Hague, the Netherlands, that reduced traffic on a number of local streets, leaving others unaffected. We calculate the effect of the change in traffic nuisance on housing prices and find that a reduction of 50% in traffic density induces a 1% increase in housing prices on average. Reductions in traffic nuisance are valued much more positively when the traffic density is already high. We do not find evidence of anticipation effects up to 3 years before the change. Furthermore, our results indicate that traffic nuisance effects are likely to be biased in cross-sectional studies.
JEL-codes: Q53 R2 R4 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ene, nep-tre and nep-ure
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Journal Article: Urban traffic externalities: Quasi-experimental evidence from housing prices (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:cpb:discus:267
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