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House prices and the provision of local public services: capitalization under school choice programs

机译：房价和当地公共服务的提供：择校方案下的资本化

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摘要

While the theoretical public finance literature argues that house prices should be influenced by the demand for local public services, there is little direct evidence concerning changes in house prices when these services are altered. Previous empirical studies have relied on cross-sectional identification of the relationship between house prices and variables that may proxy for the perceived quality of local public services. This paper instead examines a policy change, the adoption of a public school choice program, to identify the capitalization effects associated with the diminished importance of school district boundaries. Using data from inter-district choice in Minnesota, I find that residential properties appreciate significantly in school districts where students are able to transfer to preferred school districts, whereas residential property values decline in districts that accept transfer students. These general equilibrium effects also influence school districts' local property tax revenues, mitigating the incentive for schools to improve in order to attract or retain students.
机译：虽然理论上的公共财政文献认为，房价应受当地公共服务需求的影响，但是，当这些服务发生变化时，鲜有直接证据表明房价会发生变化。以前的实证研究依赖于对房价与变量之间关系的横断面识别，这些变量可以替代当地公共服务的感知质量。相反，本文研究了政策变化，即采用公立学校选择计划，以确定与学区边界重要性降低相关的资本化效应。利用明尼苏达州跨地区选择的数据，我发现在学生能够转移到首选学区的学区中，住宅物业显着升值，而在接受转学学生的学区中，住宅价值下降。这些一般的均衡效应也影响学区的地方财产税收入，减轻了学校为吸引或留住学生而进行改善的动力。

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  • 来源
    《Journal of Urban Economics》 |2005年第2期|p.275-301|共27页
  • 作者

    Randall Reback;

  • 作者单位

    Department of Economics, Barnard College, 3009 Broadway, New York, NY 10027-6598, USA;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 f;
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