Loss in the Time of Cholera: Long-Run Impact of a Disease Epidemic on the Urban Landscape
研究了19世纪伦敦霍乱疫情对周边房价的长期影响，发现疫情十年后疫区房价显著下降，且差异持续160年，通过租房市场摩擦模型解释了贫困租户的负外部性如何持久改变街区租户构成。
How do geographically concentrated income shocks influence the long-run spatial distribution of poverty within a city? We examine the impact on housing prices of a cholera epidemic in one neighborhood of nineteenth century London. Ten years after the epidemic, housing prices are significantly lower just inside the catchment area of the water pump that transmitted the disease. Moreover, differences in housing prices persist over the following 160 years. We make sense of these patterns by building a model of a rental market with frictions in which poor tenants exert a negative externality on their neighbors. This showcases how a locally concentrated income shock can persistently change the tenant composition of a block.