From battlements to boom: The enduring influence of historical walled city on housing prices
利用空间回归断点设计，研究南京城墙内外房价差异，发现墙内房价显著更高，这源于早期道路和设施投资形成的路径依赖，而非遗产价值或屏障效应。
Abstract This study explores the long‐term economic effects of a unique form of historical architectural heritage—the city wall—on modern urban spatial structure. Using a Spatial Regression Discontinuity Design, the research compares housing prices on both sides of the Nanjing city wall, one of China's largest and best‐preserved urban fortifications. Results show a significant and consistent price premium for properties just inside the walls. Further analysis indicates that this premium is not solely due to the wall's heritage value, nor is it caused by a simple barrier effect or agglomeration dynamics on either side of the boundary. Instead, it stems from deep‐rooted path dependence within the city: early investments in the internal road network and the build‐up of local amenities, which together maintained a persistent urban structure and produced lasting capitalization effects within the wall.