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Capitalización Heterogénea de un Bien Semipúblico: El Metro de Santiago

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Author Info
Claudio A. Agostini
Gastón Palmucci

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Abstract

In this work we estimate the degree of capitalization of the Santiago Subway (Metro) network on housing prices, analyzing price the differences among lines and counties. For this purpose, we combine hedonic price regressions with simple difference estimators. The results show that apartments located near the Metro stations have, on average, a larger value of 8.84%, 27.16% y 6.72% for Lines 1, 2, and 5 respectively. The degree of capitalization is not uniform within a county but depends on the distance to the subway station and the specific line providing the service.

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Publisher Info
Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.

Volume (Year): 45 (2008)
Issue (Month): 131 ()
Pages: 105-128
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Handle: RePEc:ioe:cuadec:v:45:y:2008:i:131:p:105-128

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Related research
Keywords: Metro; Valor Departamentos; Capitalización Diferenciada.;

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Find related papers by JEL classification:
H54 - Public Economics - - National Government Expenditures and Related Policies - - - Infrastructures
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand
R53 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

References listed on IDEAS
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  1. Gyourko, Joseph & Tracy, Joseph, 1989. "Local public sector rent-seeking and its impact on local land values," Regional Science and Urban Economics, Elsevier, vol. 19(3), pages 493-516, August. [Downloadable!] (restricted)
  2. Gramlich, Edward M & Rubinfeld, Daniel L, 1982. "Micro Estimates of Public Spending Demand Functions and Tests of the Tiebout and Median-Voter Hypotheses," Journal of Political Economy, University of Chicago Press, vol. 90(3), pages 536-60, June. [Downloadable!] (restricted)
  3. Gibbons, Stephen & Machin, Stephen, 2005. "Valuing rail access using transport innovations," Journal of Urban Economics, Elsevier, vol. 57(1), pages 148-169, January. [Downloadable!] (restricted)
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  4. Hamilton, Bruce W, 1976. "Capitalization of Intrajurisdictional Differences in Local Tax Prices," American Economic Review, American Economic Association, vol. 66(5), pages 743-53, December. [Downloadable!] (restricted)
  5. Gyourko, Joseph & Tracy, Joseph, 1991. "The Structure of Local Public Finance and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 774-806, August. [Downloadable!] (restricted)
  6. Dewees, D. N., 1976. "The effect of a subway on residential property values in Toronto," Journal of Urban Economics, Elsevier, vol. 3(4), pages 357-369, October. [Downloadable!] (restricted)
  7. Blomquist, Glenn C & Berger, Mark C & Hoehn, John P, 1988. "New Estimates of Quality of Life in Urban Areas," American Economic Review, American Economic Association, vol. 78(1), pages 89-107, March. [Downloadable!] (restricted)
  8. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-78, December. [Downloadable!] (restricted)
  9. Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 81-88, February. [Downloadable!] (restricted)
  10. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July. [Downloadable!] (restricted)
  11. Heckman, James J & Ichimura, Hidehiko & Todd, Petra E, 1997. "Matching as an Econometric Evaluation Estimator: Evidence from Evaluating a Job Training Programme," Review of Economic Studies, Blackwell Publishing, vol. 64(4), pages 605-54, October. [Downloadable!] (restricted)
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