This study empirically examines the effects of high-speed rail (HSR) projects on individual happiness by matching city-level HSR data with individual-level happiness data. This study finds that the opening of an HSR project can promote individual happiness, with a coefficient of 0.076. This study constructs instrumental variables, namely, urban slope and area, and performs a series of robustness checks to address the potential omitted variable bias. Results show that in the study of happiness, the omitted variables of the HSR project are less biased. Further analysis reveals that provincial capitals, individuals with a rural hukou, men, the elderly, and healthy individuals are likely to benefit from the HSR project. In addition, the HSR project can improve the happiness of residents through the environment, commodity prices, and income. This study provides a new perspective on the tradeoff between the costs and benefits of HSR projects.

本研究通过将城市层面的高铁数据与个人层面的幸福数据相匹配，实证检验了高铁 (HSR) 项目对个人幸福感的影响。本研究发现，开通高铁项目可以促进个体幸福感，系数为0.076。本研究构建了工具变量，即城市坡度和面积，并进行了一系列稳健性检查，以解决潜在的遗漏变量偏差。结果表明，在幸福感研究中，HSR项目的遗漏变量偏倚较小。进一步分析显示，省会城市、农村户口、男性、老年人和健康人群可能会从高铁项目中受益。此外，高铁项目可以通过环境、商品价格和收入来提高居民的幸福感。