SPATIAL BARRIERS AND INFORMATION PROCESSING IN HOUSING MARKETS: AN EMPIRICAL INVESTIGATION OF THE EFFECTS OF THE CONNECTICUT RIVER ON HOUSING RETURNS
研究康涅狄格河是否阻碍住房回报信息的空间扩散，发现河流确实减缓信息传播，且效果与面对面接触而非电信通信一致，对理解地理障碍在房地产市场中的作用有参考价值。
ABSTRACT. Relative to financial securities markets, information is a scarce commodity in real estate markets. If information diffuses quickly in real estate markets, then we can infer that telecommunications play an important role. On the other hand, spatial barriers such as rivers can slow down the assimilation of relevant information if face‐to‐face contacts are an important source of information. We examine whether and how the Connecticut River (along with bridges) alters the nature and strength of spatial diffusion of information on housing returns. We report strong evidence that the Connecticut River slows down the spatial diffusion of information and that its effects are consistent with face‐to‐face contact, as opposed to telecommunications.