2013 Session: 297

• Accessibility and Housing Price Resilience: Evidence from Limited-Access Roadways
  Abstract: This paper investigates the hypothesis that houses located in proximity to limited-access roadways exhibit a resilience to price decline during and after exogenous market downturns. Using a quasi-experimental design, we look for empirical evidence of price differentials before, during, and after construction and operation of network improvements. Using a spatial-autoregressive difference-in-differences estimator with spatial disturbances, we find evidence of price resilience in the aftermath of the real estate bubble affecting the local and state economy. Single-family homes exhibit a price premium ranging from 4.6 to 5.2 percent over their controls. These premium differentials are realized four to five years after the facilities’ opening and following the U.S. real estate market downturn. This paper contributes to the empirical literature by providing a quasi-experimental approach to select comparable parcels for spatial hedonic regression.
  Authors: Concas, Sisinnio
  Authors: Concas, Sisinnio
  Year: 2013
  Document Type: Paper
  Subject: Economics; Finance
  Session: 297
  Paper Number: 13-0193
• Cases in Congestion Resilience: Fostering High-Functioning Regional Economies Despite Gridlock
  Abstract: Congestion alleviation has served as a key surface transportation program objective, but traditional policy portfolios (excluding pricing) have been not yielded significant congestion alleviation benefits. But while the importance of enabling high-functioning places despite congestion is becoming increasingly apparent, existing research provides little guidance. Links are comparatively clearer between capacity building or travel demand management and economic growth, system efficiency outcomes, and individual welfare improvements. But common capacity building and demand management policies have been and unsuccessful at alleviating congestion. Researchers broadly agree that congestion pricing is a necessary precondition for significant congestion alleviation, but pricing remains politically unpalatable. The outlook for transportation policy to meaningfully reduce congestion is poor in the current political climate, yet it remains unclear how transportation policy can contribute to high-functioning regions despite congestion. To identify “better” regional adaptations to congestion, I explore congestion resilience using a metric of economic growth per unit “cost” of congestion growth. Using case studies of high-congestion MSAs, I explore policies distinguishing congestion resilient Los Angeles and Washington, DC from congestion unresilient Chicago and Houston. Case study results suggest that there appear to be important roles for road policy, public transit policy, and urban spatial structure in distinguishing the congestion resilient from congestion unresilient regions
  Authors: Sweet, Matthias
  Authors: Sweet, Matthias
  Year: 2013
  Document Type: Paper
  Subject: Economics; Finance
  Session: 297
  Paper Number: 13-3706
• Impact of Highway Construction on Land Prices: Case of the Beltway in São Paulo, Brazil
  Abstract: This paper estimates the effect of highways on land prices using the implementation of the west branch of a large beltway around Sao Paulo Metroplitan Area. This is a unique opportunity since the beltway is being implemented by branches. So, it is possible to use the zones surrounding the branches where construction has actually started as a treatment group to be compared with zones surrounding branches for which construction has not started yet. Since we have a proxy for land price data before and after construction, it is possible to estimate the impact by difference-in-difference. The evidence is that there are significant and asymmetrical effects caused by the highway construction. Parcels located close to ramps outbound of the track observed an increase in price faster than similar zones close to other (planned) branches. For parcels located inbound of the beltway, relatively far from the track (between 2.5 km and 5 km), the effects of construction and delivery/operation faced a (relative) decline in land prices. These results have consequences for transportation finance; betterment levies and value capture taxes; and welfare.
  Authors: Maciel, Vladimir Fernandes; Biderman, Ciro
  Authors: Maciel, Vladimir Fernandes; Biderman, Ciro
  Year: 2013
  Document Type: Paper
  Subject: Economics; Finance
  Session: 297
  Paper Number: 13-4528
• Accessibility and Housing Price Resilience: Evidence from Limited-Access Roadways
  Authors: Concas, Sisinnio
  Authors: Concas, Sisinnio
  Year: 2013
  Document Type: Presentation; Poster
  Subject: Economics; Finance
  Session: 297
  Paper Number: 13-0193
• Cases in Congestion Resilience: Fostering High-Functioning Regional Economies Despite Gridlock
  Authors: Sweet, Matthias
  Authors: Sweet, Matthias
  Year: 2013
  Document Type: Presentation; Poster
  Subject: Economics; Finance
  Session: 297
  Paper Number: 13-3706