# A Data-Driven Analysis on the Impact of High-Speed Rails on Land Prices in Taiwan
## 2 Related Literature  
The key benefit of having a HSR system is the enhanced accessibility that the HSR network will bring to an economy. Since locational accessibility is a major determinant of property and rent prices, many researchers have investigated the impact of accessibility on the property (housing) price. Much of these studies are built upon the hedonic price model [8]. [PERSON] et al. [4; 5] examined the effect of the accessibility of HSR stations on housing prices in seven individual cities in Taiwan where the stations are located, via various non-linear regression models such as log-linear, semi-logarithmic, and the Box-Cox-transformed functions. The variables examined were categorized into structural attributes (floor area, lot size, age, etc. ), neighborhood attributes (road width, commercial zone, residential zone, etc. ), and accessibility attributes (distance to the CBD, distance to the HSR station, distance to science/industry park, etc.). The authors found the HSR's accessibility effects were significant but minor; other factors, such as commercial activities, the opportunity cost of not living in the destination community, etc., had a greater effect than the proximity of the HSR station. [PERSON] and [PERSON] [9; 10; 11] studied the effect of HSR station accessibility on housing values by applying a robust ordinary least squares method, Box-Cox transformation, and a spatial econometric model to 22 capital and non-capital cities along the Beijing-Shanghai line. The accessibility measures were modeled as either distance or time in the models. The experiment's outcomes showed that the distance impact of HSR stations was insignificant in the capital cities, but both local and spillover effects were found in the non-capital cities. [PERSON] et al. [12] demonstrated the effects of HSR stations (Beijing South Railway Station) on housing prices for positive (accessibility to the station, investment attractiveness, and public service infrastructures) and negative factors (noise, pollution, and congestion). From the proposed multiple regression model, the authors found the geographical spatial ranges addressing the positive or negative correlation between the HSR station and the house prices. [PERSON] and [PERSON] [11] also found the different effects on condominium prices according to the accessibility ranges of the rail station in Hamburg, estimated by a basic hedonic pricing model as well as a model with interactives. Both [PERSON] et al. [10] and [PERSON] and [PERSON] [11] showed that distance accessibility has a significantly positive association with housing price when the distance is neither too close nor too far. More recently, [PERSON] and [PERSON] [3] analyzed the land price benefit of HSR across six cities (i.e., Tokyo, Kanagawa, Yamanashi, Nagano, Gifu, and Nagoya) along the Linear Chuo Shinkansen line in Japan, the construction of which was announced in 2011 and is scheduled to open in 2027. The empirical analysis showed that the construction information disclosure takes an immediate effect on the increase in residential land prices when there is demand for time-distance shortening. Along with transportation-enhanced accessibility brought about by a comprehensive transportation system, the noise nuisances from vehicle traffic and their impact on property prices cannot be ignored. Based on an acoustic map for the city of Olsztyn, [PERSON] et al. [12; 13] first determined the traffic noise intensity for apartments. Next, the values of the noise depreciation sensitivity index (as defined by the percentage change in property prices per dB increase in noise levels) were calculated, and the distribution of the unit prices of apartments was mapped relative to noise levels. Subsequently, linear correlations between the unit prices of apartments and noise levels were analyzed. The strength and direction of the relationships among the analyzed parameters were determined based on [PERSON]'s correlation coefficient.