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Impact of electronic road pricing on real estate prices in Singapore

Agarwal, Sumit, Koo, Kang Mo and Sing, Tien Foo 2015, Impact of electronic road pricing on real estate prices in Singapore, Journal of urban economics, vol. 90, pp. 50-59, doi: 10.1016/j.jue.2015.09.004.

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Title Impact of electronic road pricing on real estate prices in Singapore
Author(s) Agarwal, Sumit
Koo, Kang MoORCID iD for Koo, Kang Mo orcid.org/0000-0001-7497-5255
Sing, Tien Foo
Journal name Journal of urban economics
Volume number 90
Start page 50
End page 59
Total pages 10
Publisher Elsevier
Place of publication Amterdam, The Netherlands
Publication date 2015-11
ISSN 0094-1190
Keyword(s) congestion charge
traffic management
Electric Road Pricing (ERP)
real estate prices
Summary Since 1998, Singapore has had an Electronic Road Pricing (ERP) system set up with a network of toll gantries to tax vehicles entering designated areas in the city center during peak hours. Using the congestion rate hike with effect from November 1, 2010 as an exogenous shock, we test the effects of the ERP rate hike on retail, office and residential real estate prices. The results show that the November 2010 congestion toll rate increases cause a 19% drop in retail real estate prices within the cordon ERP areas relative to retail real estate prices outside the cordon ERP areas. The results are statistically and economically significant. However, the toll rate hike has no significant impact private office and residential real estate within cordoned ERP areas. The robustness and falsification tests could not reject the negative effects associated with the toll rate hike on retail real estate prices.
Language eng
DOI 10.1016/j.jue.2015.09.004
Field of Research 140217 Transport Economics
140218 Urban and Regional Economics
1205 Urban And Regional Planning
1402 Applied Economics
Socio Economic Objective 910207 Microeconomic Effects of Taxation
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2015, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30090854

Document type: Journal Article
Collection: Department of Management
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