TY  - RPRT
        AU  - Fesselmeyer, Eric
AU  - Liu, Haoming
        TI  - How Do Users Value a Network Expansion? Evidence from the Public Transit System in Singapore
        PY  - 2016/Aug/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 10142
        UR  - https://www.iza.org/publications/dp10142
        AB  - 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.
        KW  - housing
KW  - public transportation
KW  - network effects
        ER  -