Location-Dominant Housing Markets: Evidence from Beijing
Location-Dominant Housing Markets: Evidence from Beijing
复制标题
DOI：
10.2139/ssrn.2378535
复制
发表时间：
2013-04
期刊：
影响因子：
--
通讯作者：
Dafeng Xu;T. Smith
中科院分区：
文献类型：
--
作者：
Dafeng Xu;T. Smith
本文分析了北京住宅市场中住宅质量和区位因素之间的价格权衡。与大多数住房市场不同，位置因素完全主导了这个市场的房价。主要原因似乎是北京市中心的实际规模，不同城市活动中心之间的旅行时间与西方大城市的典型郊区-城市通勤时间相当。为了突出这些位置优势效应，我们提出了一个比较分析的住房价格在北京市中心的青岛在中国东部相对较小的单中心城市。回归分析的主要结果表明，在北京，区位可达性因素更占主导地位，而在青岛，居住质量因素更重要。为了进一步说明这些差异，我们开发了一个简单的两个城市模型，其中“大”城市有多个活动中心，其出行成本与“小”城市的典型通勤成本相当。在这里，它表明，这些城市之间的投标价格关系是非常符合我们的实证研究结果。
This paper analyzes price tradeoffs between residential quality and location factors in the Beijing housing market. Unlike most housing markets, location factors completely dominate housing prices in this market. The main reason for this appears to be the physical size of central Beijing, where travel times between different urban activity centers are comparable to typical suburban-urban commuting times in large Western cities. To highlight these location-dominance effects, we present a comparative analysis of housing prices in central Beijing with those of the relatively smaller monocentric city of Qingdao in Eastern China. The main results of this regression analysis are to show that location accessibility factors are far more dominant in Beijing, and conversely that residential quality factors are more important in Qingdao. To further illuminate these differences, we develop a simple two-city model in which the “Big” city has multiple activity centers with travel costs comparable to typical commuting costs in the “Small” city. Here it is shown that the resulting bid-price relations between these cities are quite consistent with our empirical findings.