The Value of School Social Climate Information: Evidence from Chicago Housing Transactions

• 成果类型: Article
• 署名作者: Crespin, Rene A.
• 署名单位: Michigan State University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20230136
• 发表日期: 2026
• 关键词: quality; prices; CHOICE; capitalization; ACCOUNTABILITY; preferences; performance; households; valuation; education

摘要

Educational institutions increasingly measure and publish indicators of social climate. I exploit a plausibly exogenous shock of Chicago school information to examine how social climate information is capitalized into housing markets and affects homebuyer sorting. Using border discontinuities, event studies, and difference-in-differences designs, I find public disclosure raises prices for homes assigned to schools with better climate ratings, with suggestive evidence that higher-income families sort into these homes. A second, less publicized disclosure produced weaker price capitalization but significant responses among higher-income households, suggesting differences in access to information. The findings provide revealed-preference evidence that families value school climate quality. (JEL D83, H75, I21, I28, J13, J45, J81)