Pub Date : 2025-07-29DOI: 10.1016/j.jhe.2025.102085
Simon Büchler , Vera Götze , Lukas Hauck , Nicola Stalder
This paper examines how spatial planning restrictions shape housing cost responses to demand shocks. Using a detailed micro-level dataset from Switzerland, we analyze the effects of land reserves, density limits, refusal rates, and overall regulatory constraints. Our dynamic model shows that stricter planning regulations significantly amplify housing cost growth, with stronger effects on house prices than rents. We validate these findings using a Bartik-style instrumental variable strategy. The paper contributes to the literature by jointly analyzing prices and rents and identifying amplification effects across distinct regulatory tools. While based on Swiss data, the underlying institutional features, local control, and strong demand are common elsewhere, making the findings broadly relevant.
{"title":"The amplifying effect of spatial planning restrictions on house prices and rents","authors":"Simon Büchler , Vera Götze , Lukas Hauck , Nicola Stalder","doi":"10.1016/j.jhe.2025.102085","DOIUrl":"10.1016/j.jhe.2025.102085","url":null,"abstract":"<div><div>This paper examines how spatial planning restrictions shape housing cost responses to demand shocks. Using a detailed micro-level dataset from Switzerland, we analyze the effects of land reserves, density limits, refusal rates, and overall regulatory constraints. Our dynamic model shows that stricter planning regulations significantly amplify housing cost growth, with stronger effects on house prices than rents. We validate these findings using a Bartik-style instrumental variable strategy. The paper contributes to the literature by jointly analyzing prices and rents and identifying amplification effects across distinct regulatory tools. While based on Swiss data, the underlying institutional features, local control, and strong demand are common elsewhere, making the findings broadly relevant.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"69 ","pages":"Article 102085"},"PeriodicalIF":2.4,"publicationDate":"2025-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144771574","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-23DOI: 10.1016/j.jhe.2025.102084
Joep Steegmans , Wolter Hassink
The paper investigates the effects of nominal loss aversion and equity constraints on house prices in a market without down-payment constraints or strategic defaults. Using extensive house transaction data of owner-occupied family homes from the Netherlands in combination with administrative microdata, the results show that the price effect of nominal loss aversion is about twice the size of the effect of negative equity. List price regressions provide evidence that higher transaction prices are obtained by setting higher list prices. Thereby the paper presents new evidence that nominal loss aversion and equity constraints lead to market premiums.
{"title":"Nominal loss aversion and equity constraints in house price determination: Empirical evidence in the absence of down-payment constraints","authors":"Joep Steegmans , Wolter Hassink","doi":"10.1016/j.jhe.2025.102084","DOIUrl":"10.1016/j.jhe.2025.102084","url":null,"abstract":"<div><div>The paper investigates the effects of nominal loss aversion and equity constraints on house prices in a market without down-payment constraints or strategic defaults. Using extensive house transaction data of owner-occupied family homes from the Netherlands in combination with administrative microdata, the results show that the price effect of nominal loss aversion is about twice the size of the effect of negative equity. List price regressions provide evidence that higher transaction prices are obtained by setting higher list prices. Thereby the paper presents new evidence that nominal loss aversion and equity constraints lead to market premiums.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"69 ","pages":"Article 102084"},"PeriodicalIF":2.4,"publicationDate":"2025-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144771573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-21DOI: 10.1016/j.jhe.2025.102083
Yichuan Zhang , Tianyun Zhu
This paper investigates the boundary effect of a nonlocal-license-plate-based driving restriction policy on the housing market of Shenzhen, China. Combining the difference-in-differences framework with the boundary discontinuity design, we find that the driving restriction policy on average led to a 6.36% increase in the housing price of the restricted zone. We also find that after the driving restriction boundary was removed and expanded, the observed increase in the housing price disparity across the initial boundary diminished. This paper presents the first empirical evidence on the heterogeneous effect of a driving restriction on housing prices across the driving restriction boundary.
{"title":"Driving restriction boundary and housing prices","authors":"Yichuan Zhang , Tianyun Zhu","doi":"10.1016/j.jhe.2025.102083","DOIUrl":"10.1016/j.jhe.2025.102083","url":null,"abstract":"<div><div>This paper investigates the boundary effect of a nonlocal-license-plate-based driving restriction policy on the housing market of Shenzhen, China. Combining the difference-in-differences framework with the boundary discontinuity design, we find that the driving restriction policy on average led to a 6.36% increase in the housing price of the restricted zone. We also find that after the driving restriction boundary was removed and expanded, the observed increase in the housing price disparity across the initial boundary diminished. This paper presents the first empirical evidence on the heterogeneous effect of a driving restriction on housing prices across the driving restriction boundary.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"69 ","pages":"Article 102083"},"PeriodicalIF":1.4,"publicationDate":"2025-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144680400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-07-09DOI: 10.1016/j.jhe.2025.102081
Brian Adams , Randal Verbrugge
Housing rents are a large share of household budgets and make a large contribution to overall inflation. Hence rent measurement accuracy is necessary in these and other contexts. The location–location–location hypothesis suggests that rents within a neighborhood would grow at the same rate on average; prior research has both theoretically assumed, and empirically supported, this hypothesis. We show that, even within the same neighborhoods, rent inflation rates for different types of housing units often differ for years. Over the 2010s, apartment rents generally outpaced detached unit rents; this pattern reversed during the COVID-19 pandemic—providing nuance to prevailing narratives about the latter period, most of which are location-specific. These dynamics suggest that structural representativity is necessary for rent index accuracy and accurate inflation measurement. Even indexes based on careful geographical sampling, such as the United States Consumer Price Index’s (CPI’s) Owners’ Equivalent Rent component prior to 2023, may be biased by placing too much weight on apartment rents compared to detached unit rents. We demonstrate that this bias may be quite large, and offer recommendations — one of which was recently accepted by the CPI.
{"title":"Location, location, structure type: Rent divergence within neighborhoods","authors":"Brian Adams , Randal Verbrugge","doi":"10.1016/j.jhe.2025.102081","DOIUrl":"10.1016/j.jhe.2025.102081","url":null,"abstract":"<div><div>Housing rents are a large share of household budgets and make a large contribution to overall inflation. Hence rent measurement accuracy is necessary in these and other contexts. The location–location–location hypothesis suggests that rents within a neighborhood would grow at the same rate on average; prior research has both theoretically assumed, and empirically supported, this hypothesis. We show that, even within the same neighborhoods, rent inflation rates for different types of housing units often differ for years. Over the 2010s, apartment rents generally outpaced detached unit rents; this pattern reversed during the COVID-19 pandemic—providing nuance to prevailing narratives about the latter period, most of which are location-specific. These dynamics suggest that structural representativity is necessary for rent index accuracy and accurate inflation measurement. Even indexes based on careful geographical sampling, such as the United States Consumer Price Index’s (CPI’s) Owners’ Equivalent Rent component prior to 2023, may be biased by placing too much weight on apartment rents compared to detached unit rents. We demonstrate that this bias may be quite large, and offer recommendations — one of which was recently accepted by the CPI.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"69 ","pages":"Article 102081"},"PeriodicalIF":1.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144655740","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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.jhe.2025.102079
Martin Časta
We analyze the relationship between mortgage rates and housing activity in the US, focusing on house prices. Employing impulse response functions (IRFs) and forecast variance ratios (FVRs), we address potential endogeneity concerns by instrumenting mortgage rates with changes in long-term yields. Our findings reveal a significant impact of mortgage rate changes on house prices, with the maximal implied long-run semi-elasticity being close to 10. The FVRs provide set-identified variance decomposition for the instrumented shock, suggesting that mortgage rate shocks explain 2%–25% of house price dynamics. The results also highlight substantial uncertainty, likely stemming from potential nonlinearities and regional factors influencing house price formation, which we further investigate. Additionally, we show that changes in mortgage rates significantly affect various dimensions of housing activity, including houses sold, construction, and building permits.
{"title":"The impact of mortgage rates on the housing market","authors":"Martin Časta","doi":"10.1016/j.jhe.2025.102079","DOIUrl":"10.1016/j.jhe.2025.102079","url":null,"abstract":"<div><div>We analyze the relationship between mortgage rates and housing activity in the US, focusing on house prices. Employing impulse response functions (IRFs) and forecast variance ratios (FVRs), we address potential endogeneity concerns by instrumenting mortgage rates with changes in long-term yields. Our findings reveal a significant impact of mortgage rate changes on house prices, with the maximal implied long-run semi-elasticity being close to 10. The FVRs provide set-identified variance decomposition for the instrumented shock, suggesting that mortgage rate shocks explain 2%–25% of house price dynamics. The results also highlight substantial uncertainty, likely stemming from potential nonlinearities and regional factors influencing house price formation, which we further investigate. Additionally, we show that changes in mortgage rates significantly affect various dimensions of housing activity, including houses sold, construction, and building permits.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"69 ","pages":"Article 102079"},"PeriodicalIF":1.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144588718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-23DOI: 10.1016/j.jhe.2025.102082
Tobias Peter , Edward Pinto , Joseph Tracy
We provide an in-depth case study of land use reforms in Seattle to highlight how redevelopment of aging single-family housing to townhomes can lead to a significant increase in market-rate housing that promotes affordability. The key is to allow market forces to use by-right zoning to drive small-scale development, when also supported by clear and simplified regulatory frameworks. We have dubbed this the Housing Abundance Success Sequence, which is supported by this study along with over two dozen others. In Seattle, we document that such policies lead to a sustained 2.5 % per year increase in the housing stock, with a range of about 1–2.5 % in other case studies. Importantly, this approach requires no government subsidies and leads to higher local tax revenues. Our findings underscore the potential of thoughtful land use reforms to create more inclusive, affordable, and resilient housing markets, while also demonstrating that inclusionary zoning mandates do not work and can stop market-rate developers in their tracks.
{"title":"Low-rise multifamily and housing supply: A case study of seattle","authors":"Tobias Peter , Edward Pinto , Joseph Tracy","doi":"10.1016/j.jhe.2025.102082","DOIUrl":"10.1016/j.jhe.2025.102082","url":null,"abstract":"<div><div>We provide an in-depth case study of land use reforms in Seattle to highlight how redevelopment of aging single-family housing to townhomes can lead to a significant increase in market-rate housing that promotes affordability. The key is to allow market forces to use by-right zoning to drive small-scale development, when also supported by clear and simplified regulatory frameworks. We have dubbed this the Housing Abundance Success Sequence, which is supported by this study along with over two dozen others. In Seattle, we document that such policies lead to a sustained 2.5 % per year increase in the housing stock, with a range of about 1–2.5 % in other case studies. Importantly, this approach requires no government subsidies and leads to higher local tax revenues. Our findings underscore the potential of thoughtful land use reforms to create more inclusive, affordable, and resilient housing markets, while also demonstrating that inclusionary zoning mandates do not work and can stop market-rate developers in their tracks.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"69 ","pages":"Article 102082"},"PeriodicalIF":1.4,"publicationDate":"2025-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144517357","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-11DOI: 10.1016/j.jhe.2025.102080
Jing Xue , Zhenzhen Liu , Jian Tong , Chengxuan Li
Integrating equity of outcomes into China’s basic education equalization reform marks a significant step toward addressing the shortage of high-quality educational resources and spatial disparities in educational access. This paper develops a school choice model incorporating the quota allocation policy, and analyzes its impact on school choices and school district housing prices. Using a generalized difference-in-difference framework, we assess the impact of equity-of-outcomes policy in Shanghai, China. The empirical findings reveal that school district housing prices in Shanghai decline by 0.0466 % on average following the implementation of the quota allocation policy. Furthermore, families prioritize the competitive advantages of allocated quotas and minimum scores when making school choices. Additionally, the policy impact varies across income groups, with middle- and low-income households exhibiting greater responsiveness due to increased flexibility in school selection. By shifting parental preferences away from exclusive competition for elite junior high schools, the equity-of-outcomes reform fosters a more balanced distribution of student composition, ultimately enhancing educational quality and equity.
{"title":"Equity of educational outcomes and families’ school choices preferences: Evidence from education reform in China","authors":"Jing Xue , Zhenzhen Liu , Jian Tong , Chengxuan Li","doi":"10.1016/j.jhe.2025.102080","DOIUrl":"10.1016/j.jhe.2025.102080","url":null,"abstract":"<div><div>Integrating equity of outcomes into China’s basic education equalization reform marks a significant step toward addressing the shortage of high-quality educational resources and spatial disparities in educational access. This paper develops a school choice model incorporating the quota allocation policy, and analyzes its impact on school choices and school district housing prices. Using a generalized difference-in-difference framework, we assess the impact of equity-of-outcomes policy in Shanghai, China. The empirical findings reveal that school district housing prices in Shanghai decline by 0.0466 % on average following the implementation of the quota allocation policy. Furthermore, families prioritize the competitive advantages of allocated quotas and minimum scores when making school choices. Additionally, the policy impact varies across income groups, with middle- and low-income households exhibiting greater responsiveness due to increased flexibility in school selection. By shifting parental preferences away from exclusive competition for elite junior high schools, the equity-of-outcomes reform fosters a more balanced distribution of student composition, ultimately enhancing educational quality and equity.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"69 ","pages":"Article 102080"},"PeriodicalIF":1.4,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144329806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-01DOI: 10.1016/j.jhe.2025.102065
Noah J. Durst , Elise Breshears , Esther Sullivan , Danna Gutierrez Lanza
In recent years, states and municipalities have taken steps to reform land use and zoning regulations. While prior research documents that density zoning contributes to residential segregation on the basis of income and race, the mechanisms remain largely unexplored. In this paper, we examine the relationship between density zoning, neighborhood type, and residential segregation. To do so, we use a national dataset of building footprints and machine learning to develop a neighborhood typology based on building characteristics. We then use land cover data to examine changes in building development in these neighborhoods between 2001 and 2019. Finally, we pair these data with demographics at the municipality level to examine changes in income and race between 2000 and 2020. In cross-sectional analyses, we find that density zoning is strongly associated with building characteristics and the presence of different neighborhood types. Although we find that density zoning is also associated with income and race, the effects are attenuated when accounting for neighborhood types. Our results provide new evidence into the ”chain of exclusion” between density zoning and residential segregation, as we find that density zoning is primarily associated with reductions in the supply of single-family housing along the urban fringe. Lastly, we find that maximum density restrictions and changes in maximum density cannot explain the changes in demographics that we observe during this time period. We do, however, find some evidence of a relationship between changes in building development and changes in demographics. These results demonstrate the potential effects of upzoning policies.
{"title":"Density zoning, neighborhood type, and exclusion by income and race","authors":"Noah J. Durst , Elise Breshears , Esther Sullivan , Danna Gutierrez Lanza","doi":"10.1016/j.jhe.2025.102065","DOIUrl":"10.1016/j.jhe.2025.102065","url":null,"abstract":"<div><div>In recent years, states and municipalities have taken steps to reform land use and zoning regulations. While prior research documents that density zoning contributes to residential segregation on the basis of income and race, the mechanisms remain largely unexplored. In this paper, we examine the relationship between density zoning, neighborhood type, and residential segregation. To do so, we use a national dataset of building footprints and machine learning to develop a neighborhood typology based on building characteristics. We then use land cover data to examine changes in building development in these neighborhoods between 2001 and 2019. Finally, we pair these data with demographics at the municipality level to examine changes in income and race between 2000 and 2020. In cross-sectional analyses, we find that density zoning is strongly associated with building characteristics and the presence of different neighborhood types. Although we find that density zoning is also associated with income and race, the effects are attenuated when accounting for neighborhood types. Our results provide new evidence into the ”chain of exclusion” between density zoning and residential segregation, as we find that density zoning is primarily associated with reductions in the supply of single-family housing along the urban fringe. Lastly, we find that maximum density restrictions and changes in maximum density cannot explain the changes in demographics that we observe during this time period. We do, however, find some evidence of a relationship between changes in building development and changes in demographics. These results demonstrate the potential effects of upzoning policies.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102065"},"PeriodicalIF":1.4,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144178314","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-05-05DOI: 10.1016/j.jhe.2025.102068
Paul A. Brehm , Alecia Cassidy
This paper investigates the determinants of households’ central air conditioner (AC) replacements, one of the larger energy using durable goods that households purchase. We do not find evidence that hot weather or high humidity significantly affect AC replacement rates. However, higher electricity prices and bills increase the likelihood of AC replacement. These findings suggest that clear financial motivators like price incentives could be an effective tool in policymakers’ climate change arsenal going forward.
{"title":"AC replacement: Heat of the moment or cool-headed choice?","authors":"Paul A. Brehm , Alecia Cassidy","doi":"10.1016/j.jhe.2025.102068","DOIUrl":"10.1016/j.jhe.2025.102068","url":null,"abstract":"<div><div>This paper investigates the determinants of households’ central air conditioner (AC) replacements, one of the larger energy using durable goods that households purchase. We do not find evidence that hot weather or high humidity significantly affect AC replacement rates. However, higher electricity prices and bills increase the likelihood of AC replacement. These findings suggest that clear financial motivators like price incentives could be an effective tool in policymakers’ climate change arsenal going forward.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102068"},"PeriodicalIF":1.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143942858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-05-03DOI: 10.1016/j.jhe.2025.102067
Marc-André Luik , Max Friedrich Steinhardt , Simon Voss
In this paper, we deliver the first causal evidence on the relationship between immigrant host-country language proficiency and homeownership. Using an instrumental variable strategy, we find a substantial positive impact of language skills on the propensity to own a home and the quality of housing among immigrants in the United States. While this effect is mediated by household income, our estimates also speak in favor of a direct language effect. Suggestive evidence further indicates that part of this effect may be driven by discrimination. Our results highlight the importance of host-country-specific human capital and, in particular, language proficiency for socio-economic assimilation in housing markets.
{"title":"Language proficiency and homeownership: Evidence from U.S. immigrants","authors":"Marc-André Luik , Max Friedrich Steinhardt , Simon Voss","doi":"10.1016/j.jhe.2025.102067","DOIUrl":"10.1016/j.jhe.2025.102067","url":null,"abstract":"<div><div>In this paper, we deliver the first causal evidence on the relationship between immigrant host-country language proficiency and homeownership. Using an instrumental variable strategy, we find a substantial positive impact of language skills on the propensity to own a home and the quality of housing among immigrants in the United States. While this effect is mediated by household income, our estimates also speak in favor of a direct language effect. Suggestive evidence further indicates that part of this effect may be driven by discrimination. Our results highlight the importance of host-country-specific human capital and, in particular, language proficiency for socio-economic assimilation in housing markets.</div></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"68 ","pages":"Article 102067"},"PeriodicalIF":1.4,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935013","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}