The Valuation of Local School Quality under School Choice

• 成果类型: Article
• 署名作者: ZHENG, A. N. G. E. L. A.
• 署名单位: McMaster University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20200678
• 发表日期: 2022
• 页码: 509-537
• 关键词: investment

摘要

School choice programs break the link between residential location and school attendance, and should weaken the capitalization of school quality into house prices. For the first time, I quantify the effect of one such program-charter school expansions-across several states using a dataset covering charter entries and house prices. I embed an event study of charter entry into a boundary discontinuity design and find that, on average, school choice decreases the valuation of traditional schools by four percentage points. Suggestive evidence shows school choice can lead to neighborhood change through resorting as school boundaries become less important.