مقاله انگلیسی رایگان در مورد تاثیر قطار سریع السیر بر قیمت زمین مسکونی – وایلی 2017

High-speed railways benefit society by greatly reducing the time distance between cities and by transporting more people than alternative public transportation modes such as airplane and longdistance bus. The development of these railways promotes industry accumulation in urban areas, develops tourism in rural areas, and, in some cases, changes the residential distribution of people. However, such railways are expensive to build owing to the enormous sunk costs such as the cost of track and expenses for land acquisition. Moreover, the basic plans of high-speed rail construction are often cancelled because of budget limitations. Thus, policy-makers must be clear that the construction justifies the investment.1 A hedonic approach is often used in evaluating the overall economic benefit of railways. While many studies have evaluated the impact of transportation infrastructure development, there are few studies sufficiently considering some estimation problem from the viewpoint of causal inference (e.g., Imbens and Wooldridge 2009; Imbens and Rubin 2015). In the impact evaluation of transportation infrastructure development on land price, there are mainly three estimation problems; namely omitted variable bias, location selection bias, and the timing of the treatment. The definition of the treatment groups is also a major problem when evaluating the impact of large-scale transportation infrastructure. This study investigates whether the benefit of high-speed railways is capitalized in residential land prices applying a method of impact evaluation (e.g., Angrist and Pischke 2009, 2010; Gertler et al. 2016) to hedonic model.2 We focus on the case of the Linear Chuo Shinkansen train (LCS hereafter) in Japan, the construction of which was announced in 2011 and which is scheduled to open in 2027.3 An analysis of the relationship between the construction of LCS and the rise in land price has useful features for making clear the issues to be considered in the hedonic approach. This study aims to present one solution to the three estimation problems and definition problem of treatment group by using balanced panel data on residential land prices from 2008 to 2015 and information on the time distance to large cities in Japan. This research measures a partial benefit in meaning it does not include the synergy with urban development newly planned after the analysis period until the start of LCS service. However, the focus of this study allows us to measure the total benefits due to shortening the time distance in the sense that it can eliminate the influence of regional development, which is carried out together with the construction of a large-scale transportation infrastructure.