Economic Value Evaluation of Urban Air Quality from the Perspective of Land Market
Using the micro land transactions and urban PM2.5 surface average annual concentration data,the present paper investigates the impact and transmission mechanism of air pollution on land prices,and evalu-ates the economic value of China's urban air quality through the"two-step method".The benchmark results show that the improvement of urban air quality has significantly increased land prices and the estimated eco-nomic value of urban air quality is approximately 27.369 yuan/m2.The conclusion of the benchmark regres-sion remains stable even after excluding samples of regions with concentrated winter heating,altering model specifications,and analyzing the core explanatory variables with one or two-period lags.With the air ventila-tion coefficient and temperature inversion days as instrumental variables for air pollution,endogeneity treat-ment results indicate a negative causal relationship between air pollution and urban center land prices,further supporting the benchmark conclusion.Given the regional and urban-tier differences,the research finds that the economic value of clean air in China's cities is heterogeneous.Specifically,it is significantly higher in the eastern region than in the central and western regions,and it has a gradient among cities of different tiers,with first-tier cities having the highest value and fourth-tier cities having the lowest.Mechanism testing shows that urban population size is a key channel for land prices to reflect such a value.
citymicro plotland transaction priceair qualityeconomic value
万方数据
