Valuing the Environmental Benefits of Canals and Canal Restoration Using House Prices
利用房产价值评估历史通航运河的环境效益，通过控制微观地理固定效应和双重差分法分析运河修复的影响，发现运河附近房产有溢价，且城市运河边房产更明显，为英格兰带来约8-9亿英镑的土地增值。
This article values the environmental benefits of historic, navigable canals using property values. We improve on standard methods by controlling for microgeographic fixed effects and applying a difference-in-differences method to canal restoration. We find a localized price premium within 100 m, around 5% before the 2008 recession, dropping to 3.4% by 2016. These effects are driven by urban canal-side properties with a direct outlook on the canals or immediate access. These locations are also attractive for developers, with a higher proportion of new-build sales. Our estimates suggest that canals generate land value uplift of 0.8-0.9 billion in England. 1 We use the term "canals" to refer to waterways that were dug out where there was no previous waterway, and rivers that were canalized to make them navigable.