The problem of land value betterment: a simplified agent-based test

Wang, Yiming; Baddeley, Michelle

doi:10.1007/s00168-015-0675-z

Cited by 4 publications

(1 citation statement)

References 27 publications

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“…An increasing number of planners and economists have identified the relevance of the Coase theorem in the resolution of planning and development issues (Fischel, 2015; Gurran et al, 2018; Lai, 2014; Lai et al, 2015; Lai and Hung, 2008; Lai and Lorne, 2006, 2013; Slaev, 2016; Webster, 1998; Webster and Lai, 2003; Webster and Wu, 2001; Wang and Baddeley, 2016). Using the Coase theorem, some researchers have challenged the appropriateness of zoning as a primary policy instrument within the dominant traditional regulatory approach in land-use planning (Clinch et al, 2008; Lai, 1997; Pearce, 1981; Webster, 1998).…”

Section: Introductionmentioning

confidence: 99%

Swiss land improvement syndicates: ‘Impure’ Coasian solutions?

Shahab

Viallon

2020

Planning Theory

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An increasing number of planners have explored the implication of Coase theorem for planning theory and practice. As there are often a large and dispersed number of actors involved in planning issues, the application of ‘Pure’ Coasian solutions has proved to be limited. However, some studies argue that when the conditions for a ‘Pure’ Coasian solution do not exist, ‘Impure’ Coasian solutions may still be achievable. This article examines how, when conditions of ‘Impure’ Coasian solutions are available, local authorities in Switzerland use land improvement syndicates as a policy instrument in order to achieve negotiated solutions in relation to development processes involving multiple landowners. With a syndicate in the commune of Cheseaux as an illustrative example, the article analyses how this policy instrument has been utilised to reduce transaction costs, correct information asymmetries and clarify property rights. The focus has been on an interpretation of the Coasian theorem that identifies attempts to reduce transaction costs and clarify property rights as the main roles of governments or local authorities.

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Section: Introductionmentioning

confidence: 99%

Swiss land improvement syndicates: ‘Impure’ Coasian solutions?

Shahab

Viallon

2020

Planning Theory

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The Impact of Public Transport Infrastructure on Residential Land Value: Using Spatial Analysis to Uncover Policy-Relevant Processes

Potoglou

Maoh

Wang

et al. 2018

The Practice of Spatial Analysis

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Transit premium and rent segmentation: A spatial quantile hedonic analysis of Shanghai Metro

Wang

Shen

Deng³

et al. 2016

Transport Policy

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When measuring the betterment effect of public transit, most of the existing econometric research tends to use residential property price data and to focus on the conditional mean rather than the conditional variance in terms of the implicit price premium paid for access to public transit. However, because property sale price partly reflects speculation on future capital gains, it sheds little light on the renters' willingness-to-pay for living near public transportation facilities, let alone the variation in rent premium for transit proximity. We in this paper employ a spatial quantile hedonic regression method to gauge the rental impact of metro stations on a large sample of two-bedroom-one-bathroom (2b1b) apartments across 2,575 residential complex communities (or "xiaoqu" in mandarin Chinese) in Shanghai, China, as observed between December 2012 and January 2013. We find: a) a community's geographic adjacency to the nearest Shanghai Metro station tends to correlate positively with the xiaoqu's average asking rent of 2b1b apartments, indicating a significant rent premium for transit proximity; b) although the transit premium fluctuates across the different rent levels, the variation is statistically insignificant, suggesting no evidence of transit-induced segmentation of the local private residential rental market. Apart from its policy implications, this paper demonstrates a US-China comparative perspective and a novel spatial quantile regression approach to test the segmentation effect of mass transit in a dynamic urban housing market.

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The problem of land value betterment: a simplified agent-based test

Cited by 4 publications

References 27 publications

Swiss land improvement syndicates: ‘Impure’ Coasian solutions?

Swiss land improvement syndicates: ‘Impure’ Coasian solutions?

The Impact of Public Transport Infrastructure on Residential Land Value: Using Spatial Analysis to Uncover Policy-Relevant Processes

Transit premium and rent segmentation: A spatial quantile hedonic analysis of Shanghai Metro

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