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Valuing rail access using transport innovations

Stephen Gibbons and Stephen Machin

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: In this paper we implement a powerful empirical approach than has not previously been applied to rail transport evaluation to ascertain how much consumers value rail access. We study the effects on house prices of a transport innovation that altered the distance to the nearest station for some households, but left others unaffected. The transport innovation we study is the construction of new stations under improvements made to the London Underground and Docklands Light Railway in South East London in the late 1990s. Using the innovation to implement a quasi-experimental approach studying house price changes in affected versus unaffected areas allows us to avoid the biases inherent in cross-sectional valuation work. Our evidence on distance-station effects on prices suggests that rail access is significantly valued by households and that these valuations are sizable as compared to the valuations of other local amenities and services.

Keywords: House Prices; Transport Innovations (search for similar items in EconPapers)
JEL-codes: R4 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2004-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
http://eprints.lse.ac.uk/19989/ Open access version. (application/pdf)

Related works:
Journal Article: Valuing rail access using transport innovations (2005) Downloads
Working Paper: Valuing Rail Access Using Transport Innovations (2004) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:19989

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