Capitalising the value of free schools: The impact of supply characteristics and uncertainty

• 成果类型: Article; Proceedings Paper
• 署名作者: Cheshire, P; Sheppard, S
• 署名单位: University of London; London School Economics & Political Science
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2004.00252.x
• 发表日期: 2004
• 页码: F397-F424
• 关键词: land

摘要

This paper explores the sources and impact of variations of a given school quality at either primary or secondary level as capitalised into the price of houses. The results provide new evidence on the complex and subtle ways in which housing markets capitalise the value of local public goods such as school quality and Suggest that this is highly nonlinear. We expect variation in the capitalised price according to the elasticity of stipply of 'school quality' in the local market, the certainty with which that quality can be expected to be maintained and the suitability of the dwelling to accommodate children.