{"title":"爵见:COVID-19与中国居民对城市密度的偏好","authors":"Naqun Huang , Jindong Pang , Yanmin Yang","doi":"10.1016/j.jue.2022.103487","DOIUrl":null,"url":null,"abstract":"<div><p>This paper investigates the effect of COVID-19 on both housing prices and housing price gradients in China using transaction level data from 60 Chinese cities. After using a difference-in-differences (DID) specification to disentangle the confounding effects of China's annual Spring Festival, we find that housing prices decreased by two percent immediately after the COVID-19 outbreak but gradually recovered by September 2020. Moreover, our findings suggest that COVID-19 flattens the horizontal housing price gradient, reduces the price premium for living in tall buildings, and changes the vertical gradient within residential buildings. This is likely explained by the changing household preferences towards low-density areas associated with lower infection risk.</p></div>","PeriodicalId":48340,"journal":{"name":"Journal of Urban Economics","volume":null,"pages":null},"PeriodicalIF":5.7000,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9295400/pdf/","citationCount":"5","resultStr":"{\"title\":\"JUE Insight: COVID-19 and household preference for urban density in China\",\"authors\":\"Naqun Huang , Jindong Pang , Yanmin Yang\",\"doi\":\"10.1016/j.jue.2022.103487\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper investigates the effect of COVID-19 on both housing prices and housing price gradients in China using transaction level data from 60 Chinese cities. After using a difference-in-differences (DID) specification to disentangle the confounding effects of China's annual Spring Festival, we find that housing prices decreased by two percent immediately after the COVID-19 outbreak but gradually recovered by September 2020. Moreover, our findings suggest that COVID-19 flattens the horizontal housing price gradient, reduces the price premium for living in tall buildings, and changes the vertical gradient within residential buildings. This is likely explained by the changing household preferences towards low-density areas associated with lower infection risk.</p></div>\",\"PeriodicalId\":48340,\"journal\":{\"name\":\"Journal of Urban Economics\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":5.7000,\"publicationDate\":\"2023-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9295400/pdf/\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Urban Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S009411902200064X\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Urban Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S009411902200064X","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
JUE Insight: COVID-19 and household preference for urban density in China
This paper investigates the effect of COVID-19 on both housing prices and housing price gradients in China using transaction level data from 60 Chinese cities. After using a difference-in-differences (DID) specification to disentangle the confounding effects of China's annual Spring Festival, we find that housing prices decreased by two percent immediately after the COVID-19 outbreak but gradually recovered by September 2020. Moreover, our findings suggest that COVID-19 flattens the horizontal housing price gradient, reduces the price premium for living in tall buildings, and changes the vertical gradient within residential buildings. This is likely explained by the changing household preferences towards low-density areas associated with lower infection risk.
期刊介绍：
The Journal of Urban Economics provides a focal point for the publication of research papers in the rapidly expanding field of urban economics. It publishes papers of great scholarly merit on a wide range of topics and employing a wide range of approaches to urban economics. The Journal welcomes papers that are theoretical or empirical, positive or normative. Although the Journal is not intended to be multidisciplinary, papers by noneconomists are welcome if they are of interest to economists. Brief Notes are also published if they lie within the purview of the Journal and if they contain new information, comment on published work, or new theoretical suggestions.
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