Negative human capital externalities in well-being: evidence from Chinese cities
研究发现，在中国城市中，人力资本水平越高的城市，居民幸福感反而越低，住房价格是这一负外部性的关键传导机制，提醒政策制定者关注吸引人才可能带来的负面影响。
This article examines the impact of the concentration of human capital on individual happiness in Chinese cities. In contrast to findings in the literature based on the US context, we report lower individual happiness for residents living in cities with higher levels of human capital. A further investigation shows that the housing price underpins such negative human capital externalities in well-being. The results are robust to different model specifications. While human capital is often considered the key factor for the economic success of cities, this research informs subnational policy-makers of the potential negative consequence of attracting talent and possible solutions.