Within‐development density and housing prices in Singapore
利用新加坡一项限制地块住房单元数量的法规，研究发现开发密度每增加10%，每平方米价格下降5%，且法规实施后平均开发项目每平方米价格上涨1%-3%，表明开发商可能低估了密度带来的外部性。
Abstract This paper measures how much more households pay for less density in their immediate surroundings. Using transaction and administrative data and exploiting the introduction of a regulation that restricted the number of housing units for certain land lots, we find that households discount density: a 10% increase in within‐development density decreases the price per square meter by 5%. Further, the mean price per square meter of the average development increased by 1%–3% after the regulation was introduced, while the amount of built‐up space remained constant. The increase in total revenue suggests developers may underestimate the externality caused by density.