Pub Date : 2025-08-19DOI: 10.1016/j.regsciurbeco.2025.104138
Roland Füss , Kathleen Kürschner Rauck , Alois Weigand
In a three-dimensional topographic model of Switzerland, we study how the view at photovoltaic (PV) systems affects residential real estate. Our hedonic difference-in-differences regressions provide evidence that the view at a PV system is associated with lower residential rents. We consider different view types to examine amplifiers and attenuators of these negative externalities. Using municipal voting results and data on electric vehicles, we document causal pathways of the effect that align with stated and lived preferences for sustainability. Similar causal pathways of negative externalities are evident through municipalities’ solar energy production potential and their local demand elasticities for housing.
{"title":"Residential rent externalities of photovoltaic systems: The relevance of view","authors":"Roland Füss , Kathleen Kürschner Rauck , Alois Weigand","doi":"10.1016/j.regsciurbeco.2025.104138","DOIUrl":"10.1016/j.regsciurbeco.2025.104138","url":null,"abstract":"<div><div>In a three-dimensional topographic model of Switzerland, we study how the view at photovoltaic (PV) systems affects residential real estate. Our hedonic difference-in-differences regressions provide evidence that the view at a PV system is associated with lower residential rents. We consider different view types to examine amplifiers and attenuators of these negative externalities. Using municipal voting results and data on electric vehicles, we document causal pathways of the effect that align with stated and lived preferences for sustainability. Similar causal pathways of negative externalities are evident through municipalities’ solar energy production potential and their local demand elasticities for housing.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104138"},"PeriodicalIF":2.9,"publicationDate":"2025-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-08-06DOI: 10.1016/j.regsciurbeco.2025.104136
Idil Tanrisever
Promoting accessory dwelling units (ADUs), small residential backyard units, is one way that state and local governments have attempted to boost housing supply amid rising housing costs. However, homeowners worry about the impact on property values due to increased population and density. This paper studies the effect of ADU development on neighboring property values using an instrumental variable approach. I find that a 0.5 percentage point increase (the mean ADU concentration over the sample period of 2013–2021) in ADU density leads to a 3% decrease in nearby property prices. The negative spillover effects remain consistent within a 300-meter radius, after which they become statistically insignificant. The results are robust across alternative specifications and samples and the adverse effects of ADUs are more pronounced for properties with smaller lot sizes and those in low- and middle-rent neighborhoods. I provide evidence that ADU growth contributes to neighborhood externalities, including increased parking citations, domestic violence reports, illegal dumping, and neighborhood service requests, while showing no significant effects on overall or property crime.
{"title":"Spillover effects of accessory dwelling unit development","authors":"Idil Tanrisever","doi":"10.1016/j.regsciurbeco.2025.104136","DOIUrl":"10.1016/j.regsciurbeco.2025.104136","url":null,"abstract":"<div><div>Promoting accessory dwelling units (ADUs), small residential backyard units, is one way that state and local governments have attempted to boost housing supply amid rising housing costs. However, homeowners worry about the impact on property values due to increased population and density. This paper studies the effect of ADU development on neighboring property values using an instrumental variable approach. I find that a 0.5 percentage point increase (the mean ADU concentration over the sample period of 2013–2021) in ADU density leads to a 3% decrease in nearby property prices. The negative spillover effects remain consistent within a 300-meter radius, after which they become statistically insignificant. The results are robust across alternative specifications and samples and the adverse effects of ADUs are more pronounced for properties with smaller lot sizes and those in low- and middle-rent neighborhoods. I provide evidence that ADU growth contributes to neighborhood externalities, including increased parking citations, domestic violence reports, illegal dumping, and neighborhood service requests, while showing no significant effects on overall or property crime.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104136"},"PeriodicalIF":2.9,"publicationDate":"2025-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144810060","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-31DOI: 10.1016/j.regsciurbeco.2025.104137
Naruki Notsu , Haruaki Hirota , Nobuo Akai
This study examines the effects of enhancing administrative tax enforcement on the tax gap, focusing on inter-municipal cooperation (IMC). IMC involves collaborative tax collection efforts among multiple municipalities and promotes the aggregation of tax collection resources and expertise, improving tax enforcement. Using the time variation in IMC creation across municipalities, we show that IMC substantially reduces the tax gap by reinforcing tax enforcement in local governments. Our findings suggest that enhanced administrative capability in tax enforcement can be an effective tool against noncompliance in ways other than facilitating voluntary compliance.
{"title":"Inter-municipal cooperation and tax enforcement capabilities","authors":"Naruki Notsu , Haruaki Hirota , Nobuo Akai","doi":"10.1016/j.regsciurbeco.2025.104137","DOIUrl":"10.1016/j.regsciurbeco.2025.104137","url":null,"abstract":"<div><div>This study examines the effects of enhancing administrative tax enforcement on the tax gap, focusing on inter-municipal cooperation (IMC). IMC involves collaborative tax collection efforts among multiple municipalities and promotes the aggregation of tax collection resources and expertise, improving tax enforcement. Using the time variation in IMC creation across municipalities, we show that IMC substantially reduces the tax gap by reinforcing tax enforcement in local governments. Our findings suggest that enhanced administrative capability in tax enforcement can be an effective tool against noncompliance in ways other than facilitating voluntary compliance.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104137"},"PeriodicalIF":2.9,"publicationDate":"2025-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144779552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-12DOI: 10.1016/j.regsciurbeco.2025.104127
Naomi Hausman , Peleg Samuels , Maxime Cohen , Roy Sasson
This paper leverages new measurement of neighborhood consumption amenities to demonstrate that housing prices and rents in U.S. cities are likely determined nearly as much by access to amenities as by access to employment. We extend the Alonso–Muth–Mills model, allowing residents to derive utility from within-city trips to amenities. The model delivers standard estimable log-linear pricing equations as well as new measures of local amenities—based on a destination’s popularity during leisure hours—and of access to consumption amenities city wide. We find our amenity measures add substantial explanatory power, have large effects in magnitude, and reduce naive estimates of commute costs by 30%. Elasticities of rents with respect to employment access are 20%–50% larger than those with respect to amenity access. The findings hold using a variety of alternative measures and are neither driven by density nor fully explained by the locations of business establishments. These results suggest the potential resilience of cities to changes in employment locations.
{"title":"Urban pull: The roles of amenities and employment","authors":"Naomi Hausman , Peleg Samuels , Maxime Cohen , Roy Sasson","doi":"10.1016/j.regsciurbeco.2025.104127","DOIUrl":"10.1016/j.regsciurbeco.2025.104127","url":null,"abstract":"<div><div>This paper leverages new measurement of neighborhood consumption amenities to demonstrate that housing prices and rents in U.S. cities are likely determined nearly as much by access to amenities as by access to employment. We extend the Alonso–Muth–Mills model, allowing residents to derive utility from within-city trips to amenities. The model delivers standard estimable log-linear pricing equations as well as new measures of local amenities—based on a destination’s popularity during leisure hours—and of access to consumption amenities city wide. We find our amenity measures add substantial explanatory power, have large effects in magnitude, and reduce naive estimates of commute costs by 30%. Elasticities of rents with respect to employment access are 20%–50% larger than those with respect to amenity access. The findings hold using a variety of alternative measures and are neither driven by density nor fully explained by the locations of business establishments. These results suggest the potential resilience of cities to changes in employment locations.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104127"},"PeriodicalIF":3.5,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144654104","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-11DOI: 10.1016/j.regsciurbeco.2025.104135
Bozong Yuan , Xinzhi Zhang
Enabling inland regions in developing countries to participate in the global market and overcome poverty remains a significant challenge. In this study, we use the International Land-Sea Trade Corridor (ILSTC) strategy as a quasi-natural experiment exploring the impact of inland infrastructure development on the internationalization of manufacturing enterprises located over 1000 km from the ocean. Our findings indicate that the construction of ILSTC significantly increases the likelihood, by 5.6 %, of these inland enterprises engaging in international markets. Further analysis reveals that the reduction in geographical distance primarily enhances the likelihood of enterprise internationalization by boosting export and import activities, outward investment, and participation of foreign suppliers. Furthermore, heterogeneity analysis shows the positive impact of the ILSTC to be more pronounced in smaller-scale companies facing stronger financial constraints. The macroeconomic impact test shows that the strategy has led to a 1.7 % increase in residents' income, a 3.5 % increase in per capita GDP, and a 7.6 % rise in per capita light intensity, contributing to narrowing the wealth gap between inland and coastal regions.
{"title":"Restoring inland prosperity: The impact of the New International Land-Sea Corridor on corporate internationalization and regional wealth gaps","authors":"Bozong Yuan , Xinzhi Zhang","doi":"10.1016/j.regsciurbeco.2025.104135","DOIUrl":"10.1016/j.regsciurbeco.2025.104135","url":null,"abstract":"<div><div>Enabling inland regions in developing countries to participate in the global market and overcome poverty remains a significant challenge. In this study, we use the International Land-Sea Trade Corridor (ILSTC) strategy as a quasi-natural experiment exploring the impact of inland infrastructure development on the internationalization of manufacturing enterprises located over 1000 km from the ocean. Our findings indicate that the construction of ILSTC significantly increases the likelihood, by 5.6 %, of these inland enterprises engaging in international markets. Further analysis reveals that the reduction in geographical distance primarily enhances the likelihood of enterprise internationalization by boosting export and import activities, outward investment, and participation of foreign suppliers. Furthermore, heterogeneity analysis shows the positive impact of the ILSTC to be more pronounced in smaller-scale companies facing stronger financial constraints. The macroeconomic impact test shows that the strategy has led to a 1.7 % increase in residents' income, a 3.5 % increase in per capita GDP, and a 7.6 % rise in per capita light intensity, contributing to narrowing the wealth gap between inland and coastal regions.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104135"},"PeriodicalIF":3.5,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144713414","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-07DOI: 10.1016/j.regsciurbeco.2025.104132
Justin Tyndall
This paper estimates the impact of a new transit system on worker outcomes, accounting for endogenous worker decisions. I examine the phased opening of New York City’s commuter ferry system. I find evidence of a small but significant shift in commuting flows, towards routes with ferry service, driven by middle-to-high-income workers. I then propose and estimate a novel structural neighborhood choice model that recovers workers’ valuation of ferry service and the aggregate effects of the system on employment. Higher-income workers display a stronger preference for the ferry. Ferry routes also match the location preferences of higher-income workers, allowing these workers to capture almost all direct benefits from the new system. Differing home and work location preferences across income groups largely determine who benefits from a new transit system.
{"title":"Estimating commuter benefits of a new transit system: Evidence from New York City’s ferry service","authors":"Justin Tyndall","doi":"10.1016/j.regsciurbeco.2025.104132","DOIUrl":"10.1016/j.regsciurbeco.2025.104132","url":null,"abstract":"<div><div>This paper estimates the impact of a new transit system on worker outcomes, accounting for endogenous worker decisions. I examine the phased opening of New York City’s commuter ferry system. I find evidence of a small but significant shift in commuting flows, towards routes with ferry service, driven by middle-to-high-income workers. I then propose and estimate a novel structural neighborhood choice model that recovers workers’ valuation of ferry service and the aggregate effects of the system on employment. Higher-income workers display a stronger preference for the ferry. Ferry routes also match the location preferences of higher-income workers, allowing these workers to capture almost all direct benefits from the new system. Differing home and work location preferences across income groups largely determine who benefits from a new transit system.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104132"},"PeriodicalIF":3.5,"publicationDate":"2025-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144587749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-05DOI: 10.1016/j.regsciurbeco.2025.104133
Bruno De Borger , Ismir Mulalic , Jan Rouwendal
In this paper, we study the productivity and wage effects of a large and very localized discrete shock in the quality of transport infrastructure, viz. the opening of the Great Belt Bridge connecting the Copenhagen area with the neighboring island Funen and the mainland of Denmark. We focus on two effects: (i) an accessibility externality, captured via changes in an accessibility indicator at the municipal level; (ii) better matching of workers to jobs, enabled by to the shorter travel times after the opening of the bridge. We can disentangle the accessibility and matching effects, because better matching is only realized via new commutes crossing the Great Belt after the opening of the bridge. Our results show that the increased accessibility had significant positive effects on productivity as well as wages, the latter being much more localized. The productivity effects of improved labour market matching are larger than the accessibility effects, but they are restricted to a small share of the firms. We find a modest wage effect of better matching, suggesting that employees get a small wage increase on top of the commuting cost savings associated with the opening of the bridge. Overall, the estimates suggest that firms benefited more from the opening of the bridge than did workers. Moreover, the bridge benefited mainly highly educated and male workers, and it increased wage inequality.
{"title":"Productivity and wage effects of an exogenous improvement in transport infrastructure: Accessibility and the Great Belt Bridge","authors":"Bruno De Borger , Ismir Mulalic , Jan Rouwendal","doi":"10.1016/j.regsciurbeco.2025.104133","DOIUrl":"10.1016/j.regsciurbeco.2025.104133","url":null,"abstract":"<div><div>In this paper, we study the productivity and wage effects of a large and very localized discrete shock in the quality of transport infrastructure, viz. the opening of the Great Belt Bridge connecting the Copenhagen area with the neighboring island Funen and the mainland of Denmark. We focus on two effects: (i) an accessibility externality, captured via changes in an accessibility indicator at the municipal level; (ii) better matching of workers to jobs, enabled by to the shorter travel times after the opening of the bridge. We can disentangle the accessibility and matching effects, because better matching is only realized via new commutes crossing the Great Belt after the opening of the bridge. Our results show that the increased accessibility had significant positive effects on productivity as well as wages, the latter being much more localized. The productivity effects of improved labour market matching are larger than the accessibility effects, but they are restricted to a small share of the firms. We find a modest wage effect of better matching, suggesting that employees get a small wage increase on top of the commuting cost savings associated with the opening of the bridge. Overall, the estimates suggest that firms benefited more from the opening of the bridge than did workers. Moreover, the bridge benefited mainly highly educated and male workers, and it increased wage inequality.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104133"},"PeriodicalIF":3.5,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144597467","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-04DOI: 10.1016/j.regsciurbeco.2025.104134
Zhilong Qin , Xiaoguang Chen , Luoye Chen
We quantify the air quality impact of China's first major HSR line connecting Beijing and Shanghai, operational since June 30, 2011. Using high-resolution satellite data, we find a 6.2 % reduction in particulate matter concentrations in counties served by the HSR during the six months following its opening, with effects strengthening over time and persisting for at least two years. These improvements are larger in counties with HSR stations, high interregional travel demand, or limited alternative transportation options. We estimate that the HSR opening yields external health benefits of approximately CNY 21 billion annually, accounting for a substantial portion of its construction costs.
{"title":"High-speed rail opening and urban air quality","authors":"Zhilong Qin , Xiaoguang Chen , Luoye Chen","doi":"10.1016/j.regsciurbeco.2025.104134","DOIUrl":"10.1016/j.regsciurbeco.2025.104134","url":null,"abstract":"<div><div>We quantify the air quality impact of China's first major HSR line connecting Beijing and Shanghai, operational since June 30, 2011. Using high-resolution satellite data, we find a 6.2 % reduction in particulate matter concentrations in counties served by the HSR during the six months following its opening, with effects strengthening over time and persisting for at least two years. These improvements are larger in counties with HSR stations, high interregional travel demand, or limited alternative transportation options. We estimate that the HSR opening yields external health benefits of approximately CNY 21 billion annually, accounting for a substantial portion of its construction costs.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104134"},"PeriodicalIF":3.5,"publicationDate":"2025-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144597466","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-01DOI: 10.1016/j.regsciurbeco.2025.104126
Daniele Coen-Pirani
This paper examines how mobility costs influence the effectiveness and desirability of tax progressivity using a general equilibrium spatial model. A key feature of the model is that workers’ idiosyncratic productivity depends on location. The interaction of amenities, idiosyncratic shocks and moving costs implies that progressive taxation distorts location choices by reducing incentives for agents to relocate to their most productive areas. Using a quantitative framework, I find that the negative effect of tax progressivity on output is weakest when mobility costs are either relatively low or high. The optimal degree of tax progressivity balances the costs of spatial tax distortions against the benefits of enhanced insurance, leading to relatively high optimal progressivity at both extremes of mobility costs.
{"title":"Tax progressivity and mobility costs","authors":"Daniele Coen-Pirani","doi":"10.1016/j.regsciurbeco.2025.104126","DOIUrl":"10.1016/j.regsciurbeco.2025.104126","url":null,"abstract":"<div><div>This paper examines how mobility costs influence the effectiveness and desirability of tax progressivity using a general equilibrium spatial model. A key feature of the model is that workers’ idiosyncratic productivity depends on location. The interaction of amenities, idiosyncratic shocks and moving costs implies that progressive taxation distorts location choices by reducing incentives for agents to relocate to their most productive areas. Using a quantitative framework, I find that the negative effect of tax progressivity on output is weakest when mobility costs are either relatively low or high. The optimal degree of tax progressivity balances the costs of spatial tax distortions against the benefits of enhanced insurance, leading to relatively high optimal progressivity at both extremes of mobility costs.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104126"},"PeriodicalIF":3.5,"publicationDate":"2025-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144587750","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-27DOI: 10.1016/j.regsciurbeco.2025.104131
Jan Rouwendal , Or Levkovich , Edwin Buitelaar , Jip Claassens
This paper demonstrates that the prices of older commercial buildings increase relative to younger ones. We argue that this is a ‘vintage effect’ that is due to the increasing valuation of older buildings by their marginal occupant in an expanding market. We show that this effect is not due to local price trends, or listing or preservation zones. Furthermore, it is not confined to urban locations or buildings visible from main roads, and it is most pronounced for buildings constructed before 1960. Repeat sales analysis confirms the results of hedonic regressions. Further analysis of the office market, for which the vintage effect is strongest, confirms that survival probabilities and occupancy rates are highest for older buildings. These findings suggest that commercial buildings have a longer lifespan than is often thought, making the built environment less dynamic.
{"title":"Vintage effects in commercial real estate and the dynamics of the built environment","authors":"Jan Rouwendal , Or Levkovich , Edwin Buitelaar , Jip Claassens","doi":"10.1016/j.regsciurbeco.2025.104131","DOIUrl":"10.1016/j.regsciurbeco.2025.104131","url":null,"abstract":"<div><div>This paper demonstrates that the prices of older commercial buildings increase relative to younger ones. We argue that this is a ‘vintage effect’ that is due to the increasing valuation of older buildings by their marginal occupant in an expanding market. We show that this effect is not due to local price trends, or listing or preservation zones. Furthermore, it is not confined to urban locations or buildings visible from main roads, and it is most pronounced for buildings constructed before 1960. Repeat sales analysis confirms the results of hedonic regressions. Further analysis of the office market, for which the vintage effect is strongest, confirms that survival probabilities and occupancy rates are highest for older buildings. These findings suggest that commercial buildings have a longer lifespan than is often thought, making the built environment less dynamic.</div></div>","PeriodicalId":48196,"journal":{"name":"Regional Science and Urban Economics","volume":"114 ","pages":"Article 104131"},"PeriodicalIF":3.5,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144654103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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