Economic Effects of Racial Integration: An Analysis of Hedonic Housing Prices and the Willingness to Pay

We study the economic effects of place-based policies in the housing market, by investigating the effects of a place-based program on prices of surrounding owner-occupied properties. The program improved the quality of public housing in 83 impoverished neighborhoods throughout the Netherlands. We combine a first-difference approach with a fuzzy regression-discontinuity design to address the fundamental issue that these neighborhoods are endogenously treated. Improvements in public housing induced surrounding housing prices to increase by 3.5%. The program's external benefits are sizable and at least half of the value of investments in public housing.

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Economic Impact of the High-Speed Railway on Housing Prices in China

Sustainability ◽

10.3390/su10124799 ◽

2018 ◽

Vol 10 (12) ◽

pp. 4799 ◽

Cited By ~ 1

Author(s):

Yuxiang Wang ◽

Xueli Liu ◽

Feng Wang

Keyword(s):

High Speed ◽

Synergistic Effects ◽

Housing Prices ◽

Housing Price ◽

Quantitative Relationship ◽

Economic Effects ◽

High Speed Railway ◽

Central Cities ◽

Price Growth ◽

Regional Imbalance

This study investigated whether and to what extent does the High-Speed Railway (HSR) affect city-level housing prices. With the data of HSR operation and housing prices from 285 cities from 2009 to 2017, the paper aimed to estimate the quantitative relationship between HSR and city-level housing prices and exploited city and regional dummy variables to assess the disparities between regions, followed by the economic effects between typical city pairs. Our findings were as follows: (1) The introduction of HSR leads to a 13.9% increase in city-level housing prices, and the figures for national central cities and regional central cities were 31.7% and 19.6%, respectively; (2) regional imbalance was mitigated with the development of the HSR, and some central cities in underdeveloped regions were stimulated with regard to housing price growth; (3) siphon effects and diffusion effects were observed in megacity–small city pairs, while synergistic effects often lay in megacity–megacity pairs, and such effects all tended to be more significant with increases in the number of HSR lines and a drop in the travel time.

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How Much Are People Willing to Pay for Clean Air? Analyzing Housing Prices in Response to the Smog Free Tower in Xi’an

International Journal of Environmental Research and Public Health ◽

10.3390/ijerph181910210 ◽

2021 ◽

Vol 18 (19) ◽

pp. 10210

Author(s):

Haiyong Zhang ◽

Sanqin Mao ◽

Xinyu Wang

Keyword(s):

Air Quality ◽

Willingness To Pay ◽

Environmental Governance ◽

Housing Prices ◽

Threshold Value ◽

Real Estate Market ◽

Market Regulation ◽

Transportation Accessibility ◽

Clean Air ◽

The City

The Smog Free Tower (SFT) in the city of Xi’an, China, is the world’s first outdoor architecture that uses solar energy and filtration technology to purify polluted air. It provides a unique opportunity to explore residents’ willingness to pay for air quality and their related behaviors. Drawing on data collected after the establishment of the SFT, this paper reveals the characteristics of changes in people’s willingness to pay for clean air. We found that, prior to the release of an assessment report on the SFT, housing prices had an inverted U-shaped relationship with the distance to the SFT, which indicated people tended to purchase houses a certain distance away from the SFT. The threshold value of distance was inversely related to the greening ratio of the residential area. However, after the publication of the experimental report on the SFT, housing prices decreased as the distance to the SFT increased, indicating the closer the house was to the SFT, the more likely people were to buy it. These changes confirmed that people are willing to pay for clean air. The convenience of transportation had a significant moderating effect on the willingness to pay for clean air, however. In other words, people may buy houses with lower air quality if they have better transportation accessibility. The findings of this paper may have practical implications for environmental governance, urban planning, residential satisfaction, and real estate market regulation.

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Exploring the Spatial Heterogeneity of Residents' Marginal Willingness to Pay for Clean Air in Shanghai

Frontiers in Public Health ◽

10.3389/fpubh.2021.791575 ◽

2021 ◽

Vol 9 ◽

Author(s):

Ziliang Lai ◽

Xinghua Liu ◽

Wenxiang Li ◽

Ye Li ◽

Guojian Zou ◽

...

Keyword(s):

Willingness To Pay ◽

Spatial Heterogeneity ◽

Air Pollutants ◽

Negative Impact ◽

Housing Prices ◽

Real Estate Market ◽

Marginal Rate ◽

Marginal Willingness To Pay ◽

Clean Air ◽

Gwr Model

Previous studies have paid little attention to the spatial heterogeneity of residents' marginal willingness to pay (MWTP) for clean air at a city level. To fill this gap, this study adopts a geographically weighted regression (GWR) model to quantify the spatial heterogeneity of residents' MWTP for clean air in Shanghai. First, Shanghai was divided into 218 census tracts and each tract was the smallest research unit. Then, the impacts of air pollutants and other built environment variables on housing prices were chosen to reflect residents' MWTP and a GWR model was used to analyze the spatial heterogeneity of the MWTP. Finally, the total losses caused by air pollutants in Shanghai were estimated from the perspective of housing market value. Empirical results show that air pollutants have a negative impact on housing prices. Using the marginal rate of transformation between housing prices and air pollutants, the results show Shanghai residents, on average, are willing to pay 50 and 99 Yuan/m2 to reduce the mean concentration of PM2.5 and NO2 by 1 μg/m3, respectively. Moreover, residents' MWTP for clean air is higher in the suburbs and lower in the city center. This study can help city policymakers formulate regional air management policies and provide support for the green and sustainable development of the real estate market in China.

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The potential market for sustainable housing under the contingent valuation method. City of Palmira

Cuadernos de Administración ◽

10.25100/cdea.v35i65.7247 ◽

2019 ◽

Vol 35 (65) ◽

pp. 45-59

Author(s):

María Victoria Pinzón Botero ◽

Stephany Byaney Villota Ortiz

Keyword(s):

Willingness To Pay ◽

Contingent Valuation ◽

Contingent Valuation Method ◽

Housing Prices ◽

Analysis Model ◽

Sustainable Housing ◽

Valuation Method ◽

The People ◽

Potential Market ◽

The City

Sustainable housing is the constructive alternative under discussion in recent decades due to the multiple environmental impacts produced by the construction sector and its state of permanence and acceleration. Policies and standards at the international and national levels quickly encourage the implementation of actions in its favor. The lack of a market and the need to know it justify the research objective hereof of exploring the willingness to pay for sustainable housing through the Contingent Valuation Method applied to the city of Palmira, Colombia. A case of interest, as it is an emerging intermediate city regarding urban growth in the last decade in Colombia. The method designed a survey through the identification and valuation of significant variables for sustainable housing and the parameters of the analysis model and the method, which allow it to identify the potential market for sustainable housing. It is observed that the main variables of analysis in the literature consulted refer to topics such as location in relation to nearby equipment, materials’ properties, technological innovation and reduction in consumption of home public services. The survey shows that the willingness to pay in the city of Palmira is high for the lowest housing prices, and that the people with the highest income are the ones who would invest the most in sustainable housing and that the level of knowledge on the subject is scarce in general.

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Cost–benefit Analysis of Human Papillomavirus Vaccine in Iran

10.21203/rs.3.rs-745058/v1 ◽

2021 ◽

Author(s):

Nasrin Sargazi ◽

Amirhossein Takian ◽

Rajabali Daroudi ◽

Azin Nahvijou ◽

Mehdi Yaseri ◽

...

Keyword(s):

Human Papillomavirus ◽

Willingness To Pay ◽

Cost Of Illness ◽

Cost Benefit Analysis ◽

Hpv Vaccination ◽

Cost Benefit ◽

Economic Effects ◽

Benefit Analysis ◽

The Cost ◽

Quadrivalent Vaccines

Abstract Background: Despite increasing global attention to the national human papillomavirus (HPV) immunization program, this program is controversial in Iran. Evidence indicate that HPV vaccination is not cost-effective in Iran. Using cost-effectiveness analysis for decision-making about public health interventions such as vaccination is debated, because its potential benefits may not fit this framework. Our objective was to evaluate economic effects of HPV vaccination by cost-benefit analysis (CBA). In this case, we used bivalent and quadrivalent in Iran in 2020. Methods: We performed a CBA from a societal perspective. We used two approaches of the vaccine's economic benefit: willingness to pay by discrete choice experiment; and cost of illness. Costs only included the vaccine cost. Results: The cost of two doses of bivalent and quadrivalent vaccines were US $ 29 and US $ 151, respectively (US $1 =IRR 42,000). The benefits of bivalent and quadrivalent vaccines were US $ -432, and US $ 380 per person using willingness to pay approach and they were US $ 7,375 and US $ 6,590 thorough cost-of-illness approach. The cost-benefit ratio (CBR) of bivalent and quadrivalent vaccines was -15.114 and 2.512 by willingness to pay approach, and it was 258.12 and 43.51, by cost of illness approach. Conclusions: This study confirms the benefit of both the national bivalent and quadrivalent vaccination program and provide reliable evidence for policy-makers when programming HPV vaccination.

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Subjective Time Preference and Willingness to Pay for an Energy-Saving Durable Good

Zeitschrift für Sozialpsychologie ◽

10.1024//0044-3514.32.3.133 ◽

2001 ◽

Vol 32 (3) ◽

pp. 133-141 ◽

Cited By ~ 4

Author(s):

Gerrit Antonides ◽

Sophia R. Wunderink

Keyword(s):

Willingness To Pay ◽

Energy Saving ◽

Subjective Time ◽

Durable Good ◽

Discount Function ◽

Hyperbolic Discount ◽

The One ◽

Two Parameter ◽

Difference Effect ◽

Better Than

Summary: Different shapes of individual subjective discount functions were compared using real measures of willingness to accept future monetary outcomes in an experiment. The two-parameter hyperbolic discount function described the data better than three alternative one-parameter discount functions. However, the hyperbolic discount functions did not explain the common difference effect better than the classical discount function. Discount functions were also estimated from survey data of Dutch households who reported their willingness to postpone positive and negative amounts. Future positive amounts were discounted more than future negative amounts and smaller amounts were discounted more than larger amounts. Furthermore, younger people discounted more than older people. Finally, discount functions were used in explaining consumers' willingness to pay for an energy-saving durable good. In this case, the two-parameter discount model could not be estimated and the one-parameter models did not differ significantly in explaining the data.

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