| 主讲人简介： | Jing Li is an Associate Professor of Economics at Singapore Management University (SMU). She is a co-editor at Regional Science and Urban Economics and serves on the editorial boards of the Journal of Urban Economics and the Journal of Housing Economics. At SMU, she leads the Urban Growth Pillar at the Urban Institute and also serves as the Director of the SMU-PHBS DBA program.
Jing's primary research interests include urban economics, real estate economics and finance, and health economics. She has published in top-tier journals, such as The Economic Journal, Review of Economics and Statistics, Review of Financial Studies, Journal of Development Economics, Journal of Urban Economics, etc. She holds a Ph.D. in Economics from Syracuse University. |
| 简介： | This paper estimates the magnitude and spatial reach of housing externalities in a high-density urban setting using Singapore’s Main Upgrading Programme, the sole nationwide large-scale public housing upgrading initiative between 1990 and 2006. Exploiting staggered implementation and controlling for nonrandom neighborhood exposure, we find that upgrading raises resale prices of nearby units within 500 meters by approximately 2.1%, while driving up the resale price by about 11.74% for the treated blocks upon completion of upgrading; effects decay to zero beyond 1,000 meters. An estimated model with distance-decaying externalities shows that in-kind upgrading yields positive externalities large enough to justify the distortions it imposes on recipients in dense settings, where spillovers are amplified; under lower-density counterfactuals, this advantage dissipates. Upgrading also disproportionately retains older incumbent residents, pointing to age-specific amenities as a channel through which externalities propagate. |