@TechReport{iza:izadps:dp10142,
            	author={Fesselmeyer, Eric and Liu, Haoming},
            	title={How Do Users Value a Network Expansion? Evidence from the Public Transit System in Singapore},
            	year={2016},
	month={Aug},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={10142},
            	url={https://www.iza.org/publications/dp10142},
	abstract={We estimate the network externality of a public transit system by examining the effects of its expansion on the housing market. Our results show that a major expansion of Singapore's Mass Rapid Transit (MRT) system increased the price of apartments within 0.5 km of a pre-expansion station by 1.6% to 2.1% relative to apartments that were further away from a station. Evaluated at the mean housing price, the expansion increased the value of pre-connected apartments by at least S$386 million, which is equivalent to about 8% of the estimated S$5 billion cost of the expansion.},
	keywords={housing;public transportation;network effects},
            }