Table 5. Open in new tab Structural...

	Baseline	Historic instrument	Spatial instrument
Commuting parameters:
Elasticity of commuting time by road, \|$\hat{\varkappa }_\mathcal{rd}$\|	0.0686***	0.0686***	0.0686***	0.0670***	0.0670***	0.0670***	0.0670***	0.0670***	0.0670***
	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)
Elasticity of commuting time by rail, \|$\hat{\varkappa }_\mathcal{rw}$\|	0.0428***	0.0428***	0.0428***	0.0445***	0.0445***	0.0445***	0.0445***	0.0445***	0.0445***
	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)
Elasticity of commuting time by other mode,	0.0121***	0.0121***	0.0121***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***
\|$\hat{\varkappa }_\mathcal{oth}$\|	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
Commuting heterogeneity, \|$\hat{\varepsilon }$\|	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***
	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)
Greenbelt parameters:
Greenbelt restrictions, \|$\hat{\phi }$\|	−1.1600***	−2.2111***	−1.7926***	−1.1600***	−2.2111***	−1.7926***	−1.1600***	−2.2111***	−1.7926***
	(0.0408)	(0.0374)	(0.0199)	(0.0408)	(0.0374)	(0.0199)	(0.0408)	(0.0374)	(0.0199)
Share capital in construction costs, \|$\hat{\mu }$\|	0.7115***	0.5624***	0.7058***	0.7115***	0.5624***	0.7058***	0.7115***	0.5624***	0.7058***
	(0.0114)	(0.0939)	(0.1229)	(0.0114)	(0.0939)	(0.1229)	(0.0114)	(0.0939)	(0.1229)
Greenbelt amenity effect, \|$\hat{\zeta }$\|	0.0672***	0.1530***	0.1384***	0.0830***	0.1547***	0.1563***	0.0631***	0.1522***	0.1658***
	(0.0046)	(0.0143)	(0.0072)	(0.0051)	(0.0128)	(0.0147)	(0.0155)	(0.0155)	(0.0147)
Greenbelt amenity decay, \|$\hat{\theta }$\|	0.6534***	0.8232***	0.5517***	0.5165***	0.7648***	0.5341***	0.1486	0.7501***	0.5984***
	(0.0795)	(0.1304)	(0.0748)	(0.0788)	(0.1336)	(0.0926)	(0.1678)	(0.1017)	(0.0804)
Spillover parameters:
Household density elasticity, \|$\hat{\psi }$\|	−0.0435***	−0.0181***	−0.0367***	−0.0667***	−0.0183***	−0.0307***	−0.0595***	−0.0192***	−0.0264***
	(0.0015)	(0.0023)	(0.0039)	(0.0021)	(0.0036)	(0.0084)	(0.0139)	(0.0042)	(0.0083)
Agglomeration elasticity, \|$\hat{\gamma }$\|	0.0464***	0.0464***	0.0464***	0.0463***	0.0463***	0.0463***	0.0413***	0.0405***	0.0405***
	(0.0062)	(0.0062)	(0.0062)	(0.0055)	(0.0055)	(0.0055)	(0.0036)	(0.0016)	(0.0016)
Agglomeration decay, \|$\hat{\delta }$\|	0.0306***	0.0306***	0.0306***	0.0302***	0.0302***	0.0302***	0.0221**	0.0224**	0.0224**
	(0.0110)	(0.0110)	(0.0110)	(0.0103)	(0.0103)	(0.0103)	(0.0101)	(0.0037)	(0.0037)
Congestion elasticity, \|$\hat{\lambda }$\|	0.1310***	0.1310***	0.1310***	0.1304***	0.1304***	0.1304***	0.1451***	0.1451***	0.1451***
	(0.0033)	(0.0033)	(0.0033)	(0.0050)	(0.0050)	(0.0050)	(0.0038)	(0.0038)	(0.0038)
Greenbelt-by-government region fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of areas	6,701	6,701	6,701	6,701	6,701	6,701	6,701	6,701	6,701
Number of area pairs	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517

Baseline

Historic instrument

Spatial instrument

All

Greenbelts

Greenbelt

All

Greenbelts

Greenbelt

All

Greenbelts

Greenbelt

areas

in 1973

border < 1 km

areas

in 1973

border < 1 km

areas

in 1973

border < 1 km

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Commuting parameters:

Elasticity of commuting time by road, |$\hat{\varkappa }_\mathcal{rd}$|

0.0686***

0.0670***

(0.0002)

(0.0002)

Elasticity of commuting time by rail, |$\hat{\varkappa }_\mathcal{rw}$|

0.0428***

0.0445***

(0.0001)

(0.0001)

Elasticity of commuting time by other mode,

0.0121***

0.0111***

|$\hat{\varkappa }_\mathcal{oth}$|

(0.0000)

(0.0000)

Commuting heterogeneity, |$\hat{\varepsilon }$|

5.5274***

(0.1269)

Greenbelt parameters:

Greenbelt restrictions, |$\hat{\phi }$|

−1.1600***

−2.2111***

−1.7926***

−1.1600***

−2.2111***

−1.7926***

−1.1600***

−2.2111***

−1.7926***

(0.0408)

(0.0374)

(0.0199)

(0.0408)

(0.0374)

(0.0199)

(0.0408)

(0.0374)

(0.0199)

Share capital in construction costs, |$\hat{\mu }$|

0.7115***

0.5624***

0.7058***

0.7115***

0.5624***

0.7058***

0.7115***

0.5624***

0.7058***

(0.0114)

(0.0939)

(0.1229)

(0.0114)

(0.0939)

(0.1229)

(0.0114)

(0.0939)

(0.1229)

Greenbelt amenity effect, |$\hat{\zeta }$|

0.0672***

0.1530***

0.1384***

0.0830***

0.1547***

0.1563***

0.0631***

0.1522***

0.1658***

(0.0046)

(0.0143)

(0.0072)

(0.0051)

(0.0128)

(0.0147)

(0.0155)

(0.0147)

Greenbelt amenity decay, |$\hat{\theta }$|

0.6534***

0.8232***

0.5517***

0.5165***

0.7648***

0.5341***

0.1486

0.7501***

0.5984***

(0.0795)

(0.1304)

(0.0748)

(0.0788)

(0.1336)

(0.0926)

(0.1678)

(0.1017)

(0.0804)

Spillover parameters:

Household density elasticity, |$\hat{\psi }$|

−0.0435***

−0.0181***

−0.0367***

−0.0667***

−0.0183***

−0.0307***

−0.0595***

−0.0192***

−0.0264***

(0.0015)

(0.0023)

(0.0039)

(0.0021)

(0.0036)

(0.0084)

(0.0139)

(0.0042)

(0.0083)

Agglomeration elasticity, |$\hat{\gamma }$|

0.0464***

0.0463***

0.0413***

0.0405***

(0.0062)

(0.0055)

(0.0036)

(0.0016)

Agglomeration decay, |$\hat{\delta }$|

0.0306***

0.0302***

0.0221**

0.0224**

(0.0110)

(0.0103)

(0.0101)

(0.0037)

Congestion elasticity, |$\hat{\lambda }$|

0.1310***

0.1304***

0.1451***

(0.0033)

(0.0050)

(0.0038)

Greenbelt-by-government region fixed effects

Yes

Number of areas

6,701

Number of area pairs

19,673,517

	Baseline	Historic instrument	Spatial instrument
Commuting parameters:
Elasticity of commuting time by road, \|$\hat{\varkappa }_\mathcal{rd}$\|	0.0686***	0.0686***	0.0686***	0.0670***	0.0670***	0.0670***	0.0670***	0.0670***	0.0670***
	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)
Elasticity of commuting time by rail, \|$\hat{\varkappa }_\mathcal{rw}$\|	0.0428***	0.0428***	0.0428***	0.0445***	0.0445***	0.0445***	0.0445***	0.0445***	0.0445***
	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)
Elasticity of commuting time by other mode,	0.0121***	0.0121***	0.0121***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***
\|$\hat{\varkappa }_\mathcal{oth}$\|	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
Commuting heterogeneity, \|$\hat{\varepsilon }$\|	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***
	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)
Greenbelt parameters:
Greenbelt restrictions, \|$\hat{\phi }$\|	−1.1600***	−2.2111***	−1.7926***	−1.1600***	−2.2111***	−1.7926***	−1.1600***	−2.2111***	−1.7926***
	(0.0408)	(0.0374)	(0.0199)	(0.0408)	(0.0374)	(0.0199)	(0.0408)	(0.0374)	(0.0199)
Share capital in construction costs, \|$\hat{\mu }$\|	0.7115***	0.5624***	0.7058***	0.7115***	0.5624***	0.7058***	0.7115***	0.5624***	0.7058***
	(0.0114)	(0.0939)	(0.1229)	(0.0114)	(0.0939)	(0.1229)	(0.0114)	(0.0939)	(0.1229)
Greenbelt amenity effect, \|$\hat{\zeta }$\|	0.0672***	0.1530***	0.1384***	0.0830***	0.1547***	0.1563***	0.0631***	0.1522***	0.1658***
	(0.0046)	(0.0143)	(0.0072)	(0.0051)	(0.0128)	(0.0147)	(0.0155)	(0.0155)	(0.0147)
Greenbelt amenity decay, \|$\hat{\theta }$\|	0.6534***	0.8232***	0.5517***	0.5165***	0.7648***	0.5341***	0.1486	0.7501***	0.5984***
	(0.0795)	(0.1304)	(0.0748)	(0.0788)	(0.1336)	(0.0926)	(0.1678)	(0.1017)	(0.0804)
Spillover parameters:
Household density elasticity, \|$\hat{\psi }$\|	−0.0435***	−0.0181***	−0.0367***	−0.0667***	−0.0183***	−0.0307***	−0.0595***	−0.0192***	−0.0264***
	(0.0015)	(0.0023)	(0.0039)	(0.0021)	(0.0036)	(0.0084)	(0.0139)	(0.0042)	(0.0083)
Agglomeration elasticity, \|$\hat{\gamma }$\|	0.0464***	0.0464***	0.0464***	0.0463***	0.0463***	0.0463***	0.0413***	0.0405***	0.0405***
	(0.0062)	(0.0062)	(0.0062)	(0.0055)	(0.0055)	(0.0055)	(0.0036)	(0.0016)	(0.0016)
Agglomeration decay, \|$\hat{\delta }$\|	0.0306***	0.0306***	0.0306***	0.0302***	0.0302***	0.0302***	0.0221**	0.0224**	0.0224**
	(0.0110)	(0.0110)	(0.0110)	(0.0103)	(0.0103)	(0.0103)	(0.0101)	(0.0037)	(0.0037)
Congestion elasticity, \|$\hat{\lambda }$\|	0.1310***	0.1310***	0.1310***	0.1304***	0.1304***	0.1304***	0.1451***	0.1451***	0.1451***
	(0.0033)	(0.0033)	(0.0033)	(0.0050)	(0.0050)	(0.0050)	(0.0038)	(0.0038)	(0.0038)
Greenbelt-by-government region fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of areas	6,701	6,701	6,701	6,701	6,701	6,701	6,701	6,701	6,701
Number of area pairs	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517

Baseline

Historic instrument

Spatial instrument

All

Greenbelts

Greenbelt

All

Greenbelts

Greenbelt

All

Greenbelts

Greenbelt

areas

in 1973

border < 1 km

areas

in 1973

border < 1 km

areas

in 1973

border < 1 km

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

Commuting parameters:

Elasticity of commuting time by road, |$\hat{\varkappa }_\mathcal{rd}$|

0.0686***

0.0670***

(0.0002)

(0.0002)

Elasticity of commuting time by rail, |$\hat{\varkappa }_\mathcal{rw}$|

0.0428***

0.0445***

(0.0001)

(0.0001)

Elasticity of commuting time by other mode,

0.0121***

0.0111***

|$\hat{\varkappa }_\mathcal{oth}$|

(0.0000)

(0.0000)

Commuting heterogeneity, |$\hat{\varepsilon }$|

5.5274***

(0.1269)

Greenbelt parameters:

Greenbelt restrictions, |$\hat{\phi }$|

−1.1600***

−2.2111***

−1.7926***

−1.1600***

−2.2111***

−1.7926***

−1.1600***

−2.2111***

−1.7926***

(0.0408)

(0.0374)

(0.0199)

(0.0408)

(0.0374)

(0.0199)

(0.0408)

(0.0374)

(0.0199)

Share capital in construction costs, |$\hat{\mu }$|

0.7115***

0.5624***

0.7058***

0.7115***

0.5624***

0.7058***

0.7115***

0.5624***

0.7058***

(0.0114)

(0.0939)

(0.1229)

(0.0114)

(0.0939)

(0.1229)

(0.0114)

(0.0939)

(0.1229)

Greenbelt amenity effect, |$\hat{\zeta }$|

0.0672***

0.1530***

0.1384***

0.0830***

0.1547***

0.1563***

0.0631***

0.1522***

0.1658***

(0.0046)

(0.0143)

(0.0072)

(0.0051)

(0.0128)

(0.0147)

(0.0155)

(0.0147)

Greenbelt amenity decay, |$\hat{\theta }$|

0.6534***

0.8232***

0.5517***

0.5165***

0.7648***

0.5341***

0.1486

0.7501***

0.5984***

(0.0795)

(0.1304)

(0.0748)

(0.0788)

(0.1336)

(0.0926)

(0.1678)

(0.1017)

(0.0804)

Spillover parameters:

Household density elasticity, |$\hat{\psi }$|

−0.0435***

−0.0181***

−0.0367***

−0.0667***

−0.0183***

−0.0307***

−0.0595***

−0.0192***

−0.0264***

(0.0015)

(0.0023)

(0.0039)

(0.0021)

(0.0036)

(0.0084)

(0.0139)

(0.0042)

(0.0083)

Agglomeration elasticity, |$\hat{\gamma }$|

0.0464***

0.0463***

0.0413***

0.0405***

(0.0062)

(0.0055)

(0.0036)

(0.0016)

Agglomeration decay, |$\hat{\delta }$|

0.0306***

0.0302***

0.0221**

0.0224**

(0.0110)

(0.0103)

(0.0101)

(0.0037)

Congestion elasticity, |$\hat{\lambda }$|

0.1310***

0.1304***

0.1451***

(0.0033)

(0.0050)

(0.0038)

Greenbelt-by-government region fixed effects

Yes

Number of areas

6,701

Number of area pairs

19,673,517

Table 5.

Open in new tab

Structural Parameters.

	Baseline			Historic instrument			Spatial instrument
	All	Greenbelts	Greenbelt	All	Greenbelts	Greenbelt	All	Greenbelts	Greenbelt
	areas	in 1973	border < 1 km	areas	in 1973	border < 1 km	areas	in 1973	border < 1 km
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Commuting parameters:
Elasticity of commuting time by road, \|$\hat{\varkappa }_\mathcal{rd}$\|	0.0686***	0.0686***	0.0686***	0.0670***	0.0670***	0.0670***	0.0670***	0.0670***	0.0670***
	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)
Elasticity of commuting time by rail, \|$\hat{\varkappa }_\mathcal{rw}$\|	0.0428***	0.0428***	0.0428***	0.0445***	0.0445***	0.0445***	0.0445***	0.0445***	0.0445***
	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)
Elasticity of commuting time by other mode,	0.0121***	0.0121***	0.0121***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***
\|$\hat{\varkappa }_\mathcal{oth}$\|	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
Commuting heterogeneity, \|$\hat{\varepsilon }$\|	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***
	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)
Greenbelt parameters:
Greenbelt restrictions, \|$\hat{\phi }$\|	−1.1600***	−2.2111***	−1.7926***	−1.1600***	−2.2111***	−1.7926***	−1.1600***	−2.2111***	−1.7926***
	(0.0408)	(0.0374)	(0.0199)	(0.0408)	(0.0374)	(0.0199)	(0.0408)	(0.0374)	(0.0199)
Share capital in construction costs, \|$\hat{\mu }$\|	0.7115***	0.5624***	0.7058***	0.7115***	0.5624***	0.7058***	0.7115***	0.5624***	0.7058***
	(0.0114)	(0.0939)	(0.1229)	(0.0114)	(0.0939)	(0.1229)	(0.0114)	(0.0939)	(0.1229)
Greenbelt amenity effect, \|$\hat{\zeta }$\|	0.0672***	0.1530***	0.1384***	0.0830***	0.1547***	0.1563***	0.0631***	0.1522***	0.1658***
	(0.0046)	(0.0143)	(0.0072)	(0.0051)	(0.0128)	(0.0147)	(0.0155)	(0.0155)	(0.0147)
Greenbelt amenity decay, \|$\hat{\theta }$\|	0.6534***	0.8232***	0.5517***	0.5165***	0.7648***	0.5341***	0.1486	0.7501***	0.5984***
	(0.0795)	(0.1304)	(0.0748)	(0.0788)	(0.1336)	(0.0926)	(0.1678)	(0.1017)	(0.0804)
Spillover parameters:
Household density elasticity, \|$\hat{\psi }$\|	−0.0435***	−0.0181***	−0.0367***	−0.0667***	−0.0183***	−0.0307***	−0.0595***	−0.0192***	−0.0264***
	(0.0015)	(0.0023)	(0.0039)	(0.0021)	(0.0036)	(0.0084)	(0.0139)	(0.0042)	(0.0083)
Agglomeration elasticity, \|$\hat{\gamma }$\|	0.0464***	0.0464***	0.0464***	0.0463***	0.0463***	0.0463***	0.0413***	0.0405***	0.0405***
	(0.0062)	(0.0062)	(0.0062)	(0.0055)	(0.0055)	(0.0055)	(0.0036)	(0.0016)	(0.0016)
Agglomeration decay, \|$\hat{\delta }$\|	0.0306***	0.0306***	0.0306***	0.0302***	0.0302***	0.0302***	0.0221**	0.0224**	0.0224**
	(0.0110)	(0.0110)	(0.0110)	(0.0103)	(0.0103)	(0.0103)	(0.0101)	(0.0037)	(0.0037)
Congestion elasticity, \|$\hat{\lambda }$\|	0.1310***	0.1310***	0.1310***	0.1304***	0.1304***	0.1304***	0.1451***	0.1451***	0.1451***
	(0.0033)	(0.0033)	(0.0033)	(0.0050)	(0.0050)	(0.0050)	(0.0038)	(0.0038)	(0.0038)
Greenbelt-by-government region fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of areas	6,701	6,701	6,701	6,701	6,701	6,701	6,701	6,701	6,701
Number of area pairs	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517

	Baseline			Historic instrument			Spatial instrument
	All	Greenbelts	Greenbelt	All	Greenbelts	Greenbelt	All	Greenbelts	Greenbelt
	areas	in 1973	border < 1 km	areas	in 1973	border < 1 km	areas	in 1973	border < 1 km
	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Commuting parameters:
Elasticity of commuting time by road, \|$\hat{\varkappa }_\mathcal{rd}$\|	0.0686***	0.0686***	0.0686***	0.0670***	0.0670***	0.0670***	0.0670***	0.0670***	0.0670***
	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)	(0.0002)
Elasticity of commuting time by rail, \|$\hat{\varkappa }_\mathcal{rw}$\|	0.0428***	0.0428***	0.0428***	0.0445***	0.0445***	0.0445***	0.0445***	0.0445***	0.0445***
	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)	(0.0001)
Elasticity of commuting time by other mode,	0.0121***	0.0121***	0.0121***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***	0.0111***
\|$\hat{\varkappa }_\mathcal{oth}$\|	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)	(0.0000)
Commuting heterogeneity, \|$\hat{\varepsilon }$\|	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***	5.5274***
	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)	(0.1269)
Greenbelt parameters:
Greenbelt restrictions, \|$\hat{\phi }$\|	−1.1600***	−2.2111***	−1.7926***	−1.1600***	−2.2111***	−1.7926***	−1.1600***	−2.2111***	−1.7926***
	(0.0408)	(0.0374)	(0.0199)	(0.0408)	(0.0374)	(0.0199)	(0.0408)	(0.0374)	(0.0199)
Share capital in construction costs, \|$\hat{\mu }$\|	0.7115***	0.5624***	0.7058***	0.7115***	0.5624***	0.7058***	0.7115***	0.5624***	0.7058***
	(0.0114)	(0.0939)	(0.1229)	(0.0114)	(0.0939)	(0.1229)	(0.0114)	(0.0939)	(0.1229)
Greenbelt amenity effect, \|$\hat{\zeta }$\|	0.0672***	0.1530***	0.1384***	0.0830***	0.1547***	0.1563***	0.0631***	0.1522***	0.1658***
	(0.0046)	(0.0143)	(0.0072)	(0.0051)	(0.0128)	(0.0147)	(0.0155)	(0.0155)	(0.0147)
Greenbelt amenity decay, \|$\hat{\theta }$\|	0.6534***	0.8232***	0.5517***	0.5165***	0.7648***	0.5341***	0.1486	0.7501***	0.5984***
	(0.0795)	(0.1304)	(0.0748)	(0.0788)	(0.1336)	(0.0926)	(0.1678)	(0.1017)	(0.0804)
Spillover parameters:
Household density elasticity, \|$\hat{\psi }$\|	−0.0435***	−0.0181***	−0.0367***	−0.0667***	−0.0183***	−0.0307***	−0.0595***	−0.0192***	−0.0264***
	(0.0015)	(0.0023)	(0.0039)	(0.0021)	(0.0036)	(0.0084)	(0.0139)	(0.0042)	(0.0083)
Agglomeration elasticity, \|$\hat{\gamma }$\|	0.0464***	0.0464***	0.0464***	0.0463***	0.0463***	0.0463***	0.0413***	0.0405***	0.0405***
	(0.0062)	(0.0062)	(0.0062)	(0.0055)	(0.0055)	(0.0055)	(0.0036)	(0.0016)	(0.0016)
Agglomeration decay, \|$\hat{\delta }$\|	0.0306***	0.0306***	0.0306***	0.0302***	0.0302***	0.0302***	0.0221**	0.0224**	0.0224**
	(0.0110)	(0.0110)	(0.0110)	(0.0103)	(0.0103)	(0.0103)	(0.0101)	(0.0037)	(0.0037)
Congestion elasticity, \|$\hat{\lambda }$\|	0.1310***	0.1310***	0.1310***	0.1304***	0.1304***	0.1304***	0.1451***	0.1451***	0.1451***
	(0.0033)	(0.0033)	(0.0033)	(0.0050)	(0.0050)	(0.0050)	(0.0038)	(0.0038)	(0.0038)
Greenbelt-by-government region fixed effects	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Number of areas	6,701	6,701	6,701	6,701	6,701	6,701	6,701	6,701	6,701
Number of area pairs	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517	19,673,517

Notes: We estimate the parameters using data at the MSOA. Bold indicates instrumented. To identify |$\hat{\varkappa }_\mathcal{rd}$|⁠, |$\hat{\varkappa }_\mathcal{rw}$| and |$\hat{\varkappa }_\mathcal{oth}$|⁠, we use the Euclidean distance as an instrument in columns (4)–(9). To identify |$\hat{\mu }$|⁠, we use the distance to the nearest city centre and the distance to the nearest city centre squared as an instrument in all columns. For |$\hat{\lambda }$|⁠, |$\hat{\psi }$|⁠, |$\hat{\gamma }$| and |$\hat{\delta }$|⁠, we use (the log of) the population density in 1931 in columns (4)–(6), and the share of greenbelt land 10–25 km in columns (7)–(9). SEs are bootstrapped (250 replications) and in parentheses; *** |$p\lt 0.01$|⁠, ** |$p\lt 0.5$|⁠.

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