砖块还是现金？高密度城市住房升级的外部性
Bricks or Cash? Externalities of Housing Upgrading in High-density Cities
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中文总结 AI 辅助
本研究利用新加坡公共住房升级计划，发现升级提升受处理建筑价格11.5%及邻近建筑价格2%，并揭示年龄特定便利设施作为外部性渠道，支持密集环境中的实物提供。
中文摘要 AI 辅助
我们估计了高密度城市中的住房外部性，利用新加坡全国性公共住房主要升级计划的分阶段推出作为自然实验。在控制非随机邻里暴露后，我们发现升级在完工时使受处理建筑的价格提高11.5%，并使500米范围内邻近建筑的转售价格提高约2%，超出该距离后效应衰减至零。一个具有距离衰减外部性的模型表明，在密集环境中，溢出效应证明了实物提供形式的扭曲是合理的；这种优势在较低密度下减弱并逆转。超过200万居民的行政数据显示，升级不成比例地留住了较年长的现有居民，这表明年龄特定的便利设施是一个未被充分探索的外部性渠道。
英文摘要
We estimate housing externalities in a high-density city, exploiting the staggered rollout of Singapore's nationwide Main Upgrading Programme for public housing. Controlling for nonrandom neighborhood exposure, we find that upgrading raises treated buildings' prices by 11.5% upon completion and neighboring buildings' resale prices by about 2% within 500 meters, decaying to zero beyond. A model with distance-decaying externalities shows that in dense settings spillovers justify the distortions of in-kind provision; this advantage diminishes and reverses at lower densities. Administrative data on over 2 million residents show that upgrading disproportionately retains older incumbents, suggesting age-specific amenities as an underexplored externality channel.
发表机构
- National University of Singapore（新加坡国立大学）
- University of International Business and Economics（对外经济贸易大学）
- Singapore Management University（新加坡管理大学）
机构由 AI 辅助整理，请以论文原文为准。
