题  目：Airbnb and Private Investment in Chicago Urban Neighborhoods and Implications for Chinese Rural Inns

报告人：徐旻鸿  南京审计大学城市发展研究院助理教授

时  间：2019年11月1日（周五）下午15:00

地  点：第三实验楼706

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报告内容提要：

The Airbnb-based home-sharing platform reduces the market frictions of short-term rentals, which raises the potential economic returns to a property. The conversion of residential units into tourist accommodation and the associated new revenue flows create incentives for capital investment. This study examines how the expansion of the Airbnb market has stimulated capital investment in Chicago neighborhoods. The instrumental variable estimates show that, given a 1% increase in the Airbnb listings, the number building permits issued in a quarter increased by 0.84% while capital investment increased by 3.19% or $81,000 equivalently. Besides direct investment in residential properties, we find spillover capital flows to retail and commercial zones where amenities and businesses arise to meet the demand of the shifting population. We show that the effects were primarily driven by commercial hosts rather than casual hosts. Moreover, Airbnb disproportionally enhanced capital investment in declining and stable communities.

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嘉宾简介：

徐旻鸿博士，现任南京审计大学城市发展研究院助理教授。2018年毕业于伊利诺伊大学香槟分校（University of Illinois at Urbana-Champaign）。专业方向为环境经济学和房地产经济学，主要利用微观实证方法来研究城市经济对环境风险和自然灾害的抵御机制以及自然资源的可持续开采问题，所撰写的学术论文已在

Real Estate Economics以及《世界经济》等国内外学术期刊上发表。