The Centre for Transport Studies is pleased to welcome
Professor Tim Hazledine (Economics Department of University of Auckland)
to lead a seminar entitled
The Option Value of Active Mobility: House Prices and Journeys to Work in Auckland City
to be held
Wednesday 6th October at 16:00
Please join us for presentation and discussion at
Room 610, Skempton Building, Imperial College London
(Maps and travel directions: www.imperial.ac.uk/cts/html/Miscellaneous/travelDirections.asp<http://www.imperial.ac.uk/cts/html/Miscellaneous/travelDirections.asp>)
Abstract
About ten percent of the journeys to work (JTW) by residents of Auckland City are by an "active" mode -- walking or cycling. In this seminar firstly econometric model of the propensity to choose active JTW modes, using 2006 Census data at the local suburb level, is presented. Then, the links between the active JTW and property values is explored.
The actual propensity for active JTW as a regressor in a hedonic house transaction price model reveals a negative effect. But when socio-economic and other demand-side factors affecting mode choice are controlled, the resulting "supply-side" effect is strongly positive; implying that a one standard deviation in the attractiveness of active JTW is worth about 10% of the average house price. This is a very considerable effect, given the quite small proportion of JTWs that are actually walked or cycled. It implies either that it is the option value of being able to conveniently walk or cycle that is valued in the housing market, and/or that urban form features conducive to active trips are also valuable in their own right.
About the Speaker
Tim Hazledine, a New Zealander, is a Professor at the Economics Department of University of Auckland. Previously, he has taught at the University of British Columbia, Queen's University Ontario, Balliol College Oxford, and University of Warwick from where he received his PhD. In recent years his research has focussed on pricing and competition in airline markets. His current interests are agglomeration economies and related urban transport issues.
About the CTS Seminar Series
The CTS seminar series aims to facilitate discussion on current research topics in the transport field. Seminars are held jointly with our colleagues in the Centre for Transport Studies at University College London. They are usually held on Wednesday afternoons at Imperial College London or University College London. Seminars are free of charge and open to all interested parties. Booking is not required.
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CTS home: www.imperial.ac.uk/cts<http://www.imperial.ac.uk/cts>
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