THE IMPACTS OF TRANSPORTATION INFRASTRUCTURE ON PROPERTY VALUES: A HIGHER‐ORDER SPATIAL ECONOMETRICS APPROACH
研究了美国交通基础设施改善对制造业企业财产价值的影响，发现高速公路和机场投资显著影响财产影子价值和投入结构，且这些效应具有空间依赖性。
ABSTRACT We evaluate the impacts of enhanced transportation systems on property values for U.S. manufacturing firms, allowing for higher‐order spatial error correlation. We use a state‐level model of production cost and input demand that recognizes the productive contribution of public transportation infrastructure stocks. Our findings include significant impacts on property shadow values and input composition from both public highway and airport investment. We also find that these effects have a spatial dimension that depends on the proximity of the transport system; at least one and as many as three spatial error lags are significant in our estimating equations. Further, recognizing production growth from transportation system improvements augments the associated incentives for private capital investment.