This paper shows that the capitalization of local amenities is effectively priced into land via a two-part pricing formula: a \ticket" price paid regardless of the amount of housing service consumed and a \slope" price paid per unit of services. We first show theoretically how tickets arise as...

REVISED MARCH 2019 This paper studies the effects of Los Angeles Metro Rail on the spatial distribution of people and prices. Using a panel of bilateral commuting flows, I estimate a quantitative spatial general equilibrium model to quantify the welfare benefits of urban rail transit and...