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The Nexus Between Labor Wages and Property Rents in the Greater China Area

出版	SSRN, 2015
URL	http://books.google.com.hk/books?id=XeQAzwEACAAJ&hl=&source=gbs_api

註釋Tse and Chan (2003) investigated the relationship between property sales price and value of commuting time. However, property sales price is subject to the inherent limitation that it includes speculative elements. A better measure to be used for such study should be the rent paid by the genuine end-user of the property. This paper examines how equilibrium rents in different locations in the Greater China area are determined by the time value, or the shadow wage, of an individual. Using the rental information, we provide a first estimate of the ratio of the time values of individuals in Hong Kong, Shanghai and Taipei. Our result shows that the shadow wage ratio of the households in Hong Kong, Shanghai, and Taipei is about 2.25: 1: 1.61.