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SUMMARY:Land prices\, commuting\, and transport infrastructure - Professor
  Coen Teulings
DTSTART:20140129T160000Z
DTEND:20140129T170000Z
UID:TALK50112@talks.cam.ac.uk
CONTACT:Joanna Laver
DESCRIPTION:Land prices provide information on the value of transport infr
 astructure and other public goods. We develop a general equilibrium model 
 for home and job location\, modal split\, residential land use\, and agglo
 meration effects on productivity. The model is estimated using data on wag
 es\, transport infrastructure\, commuting behavior\, land use and land pri
 ces for residential real estate\, all at a detailed geographical level of 
 3000 Zip-codes in The Netherlands. We extend the standard multinomial logi
 t model by a translog cost function for land use\, which allows testing th
 e model’s assumptions. We show that applying Bayes’ rule allows rewrit
 ing the home location model in a tractable form where the land price retur
 n for local amenities depends on the composition by education level of the
  population in the Zip code\, as it should.\nWe apply this model to analyz
 e the effect of infrastructure on welfare and to the differences in locati
 on choices between education levels. The model allows us to make a decompo
 sition of the economic effects by travel times\, by modal split\, by the t
 hickening of labor markets\, the agglomeration effect\, spatial distributi
 on of home and job location\, and land use.\n\nCoen Teulings is currently 
 Professor at the University of Cambridge\, with a part-time affiliation to
  the University of Amsterdam.  Prior positions include the head of departm
 ent of income policy at the Ministry of Social Affairs\, the director of t
 he Tinbergen Institute and later the director of the SEO Economic Research
 . From 2006 to 2013\, prof. Teulings was the director of the CPB Netherlan
 ds Bureau for Economic Policy Analysis.\n\nCoen Teulings is Professor of E
 conomics at the University of Amsterdam since 2004. From 2006-2013 he was 
 director of the CPB Netherlands Bureau for Economic Policy Analysis\, a ma
 jor economic think tank in the Netherlands and the independent advisor of 
 the Dutch government and parliament.\n
LOCATION:Mill Lane Lecture Room 7
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