Value of Access to Jobs and Amenities:Evidence from New Residential Properties in Beijing
With the rapid urbanization of Chinese cities,access to jobs and amenities is becoming increasingly valued in household's choice of residential locations.In this paper,we estimate the implicit value of access to jobs and amenities in Beijing using the hedonic pricing model.The spatial distributions...
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Published in | Tsinghua science and technology Vol. 15; no. 5; pp. 595 - 603 |
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Format | Journal Article |
Language | English Chinese |
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Elsevier Ltd
01.10.2010
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Abstract | With the rapid urbanization of Chinese cities,access to jobs and amenities is becoming increasingly valued in household's choice of residential locations.In this paper,we estimate the implicit value of access to jobs and amenities in Beijing using the hedonic pricing model.The spatial distributions of jobs and amenities in the Beijing Metropolitan Area are quite centralized,supporting the traditional monocentric model in the urban economics literature.Accessibility indices are developed to measure the accessibilities to jobs and amenities of 129 Jiedaos(residential zones).We then employ the hedonic pricing equations to estimate the capitalization effects of these accessibility indices in the prices of new residential properties.The empirical results show that the accessibility indices are important determinants of residential property prices in Beijing,which means that urban residents have a willingness to pay for access to high quality amenities. |
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AbstractList | With the rapid urbanization of Chinese cities, access to jobs and amenities is becoming increasingly valued in household's choice of residential locations. In this paper, we estimate the implicit value of access to jobs and amenities in Beijing using the hedonic pricing model. The spatial distributions of jobs and amenities in the Beijing Metropolitan Area are quite centralized, supporting the traditional monocentric model in the urban economics literature. Accessibility indices are developed to measure the accessibilities to jobs and amenities of 129 Jiedaos (residential zones). We then employ the hedonic pricing equations to estimate the capitalization effects of these accessibility indices in the prices of new residential properties. The empirical results show that the accessibility indices are important determinants of residential property prices in Beijing, which means that urban residents have a willingness to pay for access to high quality amenities. With the rapid urbanization of Chinese cities,access to jobs and amenities is becoming increasingly valued in household's choice of residential locations.In this paper,we estimate the implicit value of access to jobs and amenities in Beijing using the hedonic pricing model.The spatial distributions of jobs and amenities in the Beijing Metropolitan Area are quite centralized,supporting the traditional monocentric model in the urban economics literature.Accessibility indices are developed to measure the accessibilities to jobs and amenities of 129 Jiedaos(residential zones).We then employ the hedonic pricing equations to estimate the capitalization effects of these accessibility indices in the prices of new residential properties.The empirical results show that the accessibility indices are important determinants of residential property prices in Beijing,which means that urban residents have a willingness to pay for access to high quality amenities. |
Author | 丁文捷 郑思齐 郭晓旸 |
AuthorAffiliation | Institute of Real Estate Studies, Tsinghua University, Beijing 100084, China The Wharton School, University of Pennsylvania, PA 19104, USA |
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References_xml | – volume: 6 start-page: 39 year: 2004 end-page: 42 ident: bib80 article-title: The impact of urban rail transit on real estate prices: The example of Beijing Light Rail Line No.13 publication-title: Urban Problems contributor: fullname: Zhang – volume: 1 start-page: 65 year: 2007 end-page: 69 ident: bib90 article-title: The impact of rail transit on the price of residential real estate: The example of Chongqing publication-title: Urban Problems contributor: fullname: Peng – volume: 62 start-page: 247 year: 1995 end-page: 267 ident: bib40 article-title: On the price of land and the value of amenities publication-title: Economics contributor: fullname: Shepherd – volume: 12 start-page: 127 year: 2004 end-page: 140 ident: bib180 article-title: Accessibility evaluation of land-use and transpot strategies: Review and research directions publication-title: Journal of Transport Geography contributor: fullname: Wee – volume: 25 start-page: 73 year: 1959 end-page: 76 ident: bib170 article-title: How accessibility shapes land use publication-title: Journal of American Institute of Planners contributor: fullname: Hansen – volume: 26 start-page: 78 year: 2007 end-page: 85 ident: bib110 article-title: Spatial accessibility of housing to public services and its impact on housing price: A case study of Beijing's inner city publication-title: Progress in Geography contributor: fullname: Feng – volume: 4 start-page: 92 year: 2007 end-page: 97 ident: bib100 article-title: A study on the impact on the land use of station areas brought by urban rail transport in Shanghai publication-title: Urban Planning Forum contributor: fullname: Yang – year: 1964 ident: bib10 publication-title: Location and Land Use contributor: fullname: Alonso – volume: 8 start-page: 1 year: 2005 end-page: 26 ident: bib50 article-title: Determining transit's impact on Seoul commercial land values publication-title: International Real Estate Review contributor: fullname: Zhang – volume: 63 start-page: 743 year: 2008 end-page: 757 ident: bib70 article-title: Land and residential property markets in a booming economy: New evidence from Beijing publication-title: Journal of Urban Economics contributor: fullname: Kahn – volume: 32 start-page: 463 year: 1998 end-page: 486 ident: bib130 article-title: Dynamics of the greenbelt amenity effect on the land market: The case of Seoul's greenbelt publication-title: Real Estate Economics contributor: fullname: Linneman – volume: 29 start-page: 421 year: 1995 end-page: 427 ident: bib140 article-title: The use of spatial separation in the measurement of transportation accessibility publication-title: Transportation Research contributor: fullname: Pooler – volume: 44 start-page: 1041 year: 2007 end-page: 1068 ident: bib60 article-title: Impact of proximity to light rail rapid transit on station-area property values in Buffalo, New York publication-title: Urban Studies contributor: fullname: Almeida – volume: 50 start-page: 1 year: 2001 end-page: 25 ident: bib160 article-title: Identifying the impacts of rail transit stations on residential property values publication-title: Journal of Urban Economics contributor: fullname: Ihlanfeldt |
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Snippet | With the rapid urbanization of Chinese cities,access to jobs and amenities is becoming increasingly valued in household's choice of residential locations.In... With the rapid urbanization of Chinese cities, access to jobs and amenities is becoming increasingly valued in household's choice of residential locations. In... |
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SubjectTerms | accessibility amenities Economics Estimates hedonic pricing model jobs Mathematical analysis Metropolitan areas Pricing Residential Spatial distribution Urbanization 价格模型 |
Title | Value of Access to Jobs and Amenities:Evidence from New Residential Properties in Beijing |
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