LAND USE REGULATION AND WELFARE

• 成果类型: Article
• 署名作者: Turner, Matthew A.; Haughwout, Andrew; van der Klaauw, Wilbert
• 署名单位: University of Toronto; Federal Reserve System - USA; Federal Reserve Bank - New York
• 刊物名称: ECONOMETRICA
• ISSN/ISSBN: 0012-9682
• DOI: 10.3982/ECTA9823
• 发表日期: 2014
• 页码: 1341-1403
• 关键词: matter; schools; sprawl

摘要

We evaluate the effect of land use regulation on the value of land and on welfare. Our estimates are based on a decomposition of the effects of regulation into three components: an own-lot effect, which reflects the cost of regulatory constraints to the owner of a parcel; an external effect, which reflects the value of regulatory constraints on one's neighbors; a supply effect, which reflects the effect of regulated scarcity of developable land. Using this decomposition, we arrive at a novel strategy for estimating a plausibly causal effect of land use regulation on land value and welfare. This strategy exploits cross-border changes in development, prices, and regulation in regions near municipal borders. Our estimates suggest large negative effects of regulation on the value of land and welfare in these regions.