主 题：The Last Mile Matters: Impact of Bike Sharing on Subway Housing Premium
Dockless bike sharing provides a convenient and affordable commuting means for urban residents. In cities where people rely on subway in daily commuting, bike sharing reduces travel time and cost between home and subway stations and makes subway more accessible for people living distant from subway stations. Such benefits may be capitalized into the price of distant apartments, narrowing the price gap between apartments distant from and proximate to subway stations. Using data on resale apartments in 10 major Chinese cities, we find that the entry of dockless bike sharing reduces the subway price premium of proximate apartments by one third. The effect varies with apartment characteristics and neighborhood environments, differs across cities, and is moderated by city population, subway ridership, and automobile ownership. The shrinking subway premium is driven by higher demand for distant apartments as well as property owner’s responsive pricing; the narrowing price gap results primarily from the price appreciation of distant apartments rather than the price depreciation of proximate ones.
关键词：Sharing economy, bike sharing, the last mile problem, subway housing premium, transport planning, subway network.
Professor Chu is interested in empirically modeling consumer behavior and the strategic interactions among firms. Her research falls into the New Empirical Industrial Organization (NEIO) paradigm. She employs both the classical approach and Bayesian approach to study two-sided markets, network effects, e-commerce, distribution channels, retail competition, high-tech markets, social interactions, and networking. She is also interested in emerging markets in general and China’s economy and market in particular.