The Value of Access to Rail Transit in a Congested City: Evidence from Housing Prices in Beijing
利用北京拥堵和房价数据，发现消费者愿意为拥堵区域的轨道交通通达性支付更高溢价，但郊区优势有限；地铁扩张缓解了道路拥堵成本，且两项治堵政策产生了积极价值效应。
Abstract Using unique data sets of Beijing's congestion patterns and housing prices, I find that consumers are willing to pay significantly more for access to rail transit in more congested areas. Transit accessibility, however, offers little travel advantage outside of dense urban areas. The expansion of the metro network mitigates the costs of road congestion, creating both private and social benefits. Two policy initiatives aimed at reducing congestion are found to have achieved positive value effects. Further analysis reveals heterogeneous demand for accessibility, with wealthier residents and those owning fewer cars paying a higher premium for access to rail transit.