Build up a Metropolis:

Land Use Regulations, Spatial Misallocation, and Welfare

（打造大都市：土地利用规制的一般均衡效应）

Abstract: Land use regulations are prevalent in both developed and developing countries. We examine the general equilibrium effect of land use regulations within a city using a novel model that integrates both the benefits and costs of urban agglomeration. Utilizing this model alongside a newly constructed, spatially disaggregated dataset for Shanghai, we uncover spatial misallocations in floor space and welfare losses caused by the city’s current land use regulations diverging from market demand. Allowing market forces to determine the land allocation between business and residential uses could improve welfare by 6.7%. An additional 2.4% could be gained by lifting height restrictions. This paper also offers crucial insights for future spatial development in expanding metropolises like Shanghai. While aligning regulations with market demands boosts welfare, governmental interventions in allocating new development quotas may be essential to mitigate coordination failures resulting from a city’s historical layout that presents spatial misallocation. Specifically, regarding constructing an additional 270 million sqm of new floor space as outlined in Shanghai’s Master plan 2017-2035, prioritizing land development in subcenters could generate welfare gains that are 6.2 percentage points higher compared to a citywide, market-driven approach. These additional gains primarily result from enhanced productivity, improved amenities, and reduced commuting costs.

报告时间：2025年4月24日，下午1:30        

线下地点：浙江财经大学4号学院楼，二楼玻璃会议室

主办单位：浙江财经大学数量经济研究中心、浙江财经大学经济学院

协办单位：《财经论丛》编辑部

嘉宾介绍：

王之，美国布朗大学经济学博士，现任复旦大学经济学院长聘副教授、上海国际金融与经济研究院研究员及研究生导师。研究领域聚焦于区域与城市经济学，特别关注房地产市场相关政策对于产业集聚、城市空间结构、地方福利和经济发展的影响。她的研究还从区域和空间发展的视角来关注环保、教育以及生育等重要公共政策的效果。目前，她担任《Regional Science and Urban Economics》和《Economic Modelling》副编辑、《世界经济文汇》责任编辑，同时也是中国房地产中青年学者30人论坛的正式成员、中国城市经济学协会（CUEA）的理事会成员、中国城市经济学夏季会议（SMUE）学术委员会委员。她的研究成果已在Review of Economics and Statistics、Journal of Urban Economics、Journal of Development Economics、Journal of Environmental Economics and Management、Journal of Housing Economics、China & World Economy、《经济学（季刊）》、《世界经济文汇》以及《经济学报》等权威期刊上发表。