EVALUATING THE SOCIAL OPTIMALITY OF DURABLE PUBLIC GOOD PROVISION USING THE HOUSING PRICE RESPONSE TO PUBLIC INVESTMENT

Coate Stephen; Ma Yanlei

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EVALUATING THE SOCIAL OPTIMALITY OF DURABLE PUBLIC GOOD PROVISION USING THE HOUSING PRICE RESPONSE TO PUBLIC INVESTMENT

机译：利用住房价格对公共投资的反应来评估耐用公共物品的社会最优性

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Recent empirical work in public finance uses the housing price response to public investment to assess the efficiency of local durable public good provision. This article explores the theoretical justification for this technique. It points out that the logic justifying the technique for evaluating nondurable public good provision does not translate to the durable case. A model in which investment is determined by the interaction between a budget-maximizing bureaucrat and a community's residents is used to demonstrate that the technique can falsely predict underprovision, falsely predict overprovision, or perform without error.

机译：最近在公共财政方面的实证研究使用房价对公共投资的反应来评估当地持久公共物品提供的效率。本文探讨了该技术的理论依据。它指出，证明对非持久性公共物品供应进行评估的技术所依据的逻辑并不能转化为持久性情况。使用一种模型，该模型由预算最大化的官僚与社区居民之间的相互作用决定投资，该模型用于证明该技术可能会错误地预测配置不足，错误地预测配置过度或执行时不会出错。

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《International economic review》 |2017年第1期|3-31|共29页
作者
Coate Stephen; Ma Yanlei;
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Cornell Univ, Ithaca, NY 14853 USA;

Cornerstone Res, Melrose, MN USA;

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EVALUATING THE SOCIAL OPTIMALITY OF DURABLE PUBLIC GOOD PROVISION USING THE HOUSING PRICE RESPONSE TO PUBLIC INVESTMENT

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