Affiliation:
1. School of Finance Capital University of Economics and Business Beijing China
2. School of Finance Nankai University Tianjin China
Abstract
AbstractThis article investigates the value of access to alcohol consumption by examining housing price changes after a liquor ban that was catalyzed by an unexpected riot in Singapore. The ban restricts alcohol consumption in liquor control zones further than in areas outside such zones. We find that the housing price changes in the liquor control zones were weak, which implies that the utility and disutility of alcohol consumption almost cancel each other out. In contrast, housing prices increased for houses within 800 m of but outside the liquor control zones. We investigate potential explanations for these phenomena.
Subject
Economics and Econometrics,Finance,Accounting
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