期刊
CHINA ECONOMIC REVIEW
卷 69, 期 -, 页码 -出版社
ELSEVIER SCIENCE INC
DOI: 10.1016/j.chieco.2021.101683
关键词
Capitalization; Property price; Omitted variables; Difference-in-differences; Heterogeneity; Quantile regression
类别
资金
- National Social Science Foundation of China [17BJY224]
- National Natural Science Foundation of China [71974169]
- Fundamental Research Funds for the Central Universities
- Strategic Development Research Platform of Hangzhou City-Zhejiang University
- Peking University-Lincoln Institute Center for Urban Development and Land Policy
The quality promotion of neighborhood primary schools can elevate nearby housing prices, but it is crucial to identify which houses benefit from the public policy in order to improve educational equity. Results indicate that only houses with better schools after reassignment experience a price premium. Future policies should focus on ensuring the rights of low-income groups to attend high quality primary schools.
A quality promotion of neighborhood primary schools no doubt elevates nearby housing price. But which houses benefit from the public policy is important to improve educational equity. Accurate identification of such capitalization effects will help policymakers optimize the allocation of scarce public goods. Previous studies on this issue have been biased due to endogeneity and overlooking the impacts of facility quality change. Based on the Hangzhou's school district adjustment in 2012, the current work contributes to housing price effects of policies and education quality changes, rather than a static educational facility. The difference-in-differences model with quantile regression is constructed to obtain a more precise and detailed estimation among the different sub-markets. Results show that the average price effect estimated by the difference-in-differences is up to nearly 800 yuan/m2, higher than cross-sectional estimation. Only housing with better schools after reassignment witness a price premium. Low-priced and small houses earn more than 1000 yuan/m2, whereas high-priced and large houses are not significantly affected. The results demonstrate that future policies should ensure the rights of lowincome groups to attend high quality primary school and guard against the gentrification of lowpriced houses.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据