School Quality, Housing Prices, and the Changing Cost of Information
The abstract:
I
n this paper we investigate the relationship between school quality and information disclosure in
housing markets. When presented with the option of identifying their local public school in a
real estate listing, we find that sellers with homes assigned to higher-performing schools are
more likely to provide this information, an effect that is driven by sellers of large single-family
units. Further, we find that controlling for school quality, information disclosure has no
independent effect on housing prices for single-family homes, implying that buyers with a high
willingness-to-pay for school quality will seek out information on school quality on their own.
On the other hand, we find that sellers’ disclosures about schools have a large positive impact on
the sale price of small multi-family residential units in 2001-02, but the effect disappears by
2006-07. Presumably, the increasing ubiquity of the Internet and the availability of new data
under No Child Left Behind dramatically reduced the cost of gathering information on school
quality over this period. Taken together the results reveal substantial heterogeneity in buyers’
willingness-to-pay for information on school quality, they support the findings of the education
literature on the importance of school quality in housing markets, and they confirm the
“unraveling” theory of information disclosure found in other markets.
Will post to SSRN soon.
12 comments:
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When the faculty is empowered to make decisions backed up by the administration, a level of trust grows which allows for greater innovation and more effective teaching. An individual who feels empowered and involved in the decision-making process will not only have greater job satisfaction but will also be better able to accept decisions with which they might not agree.
“An Empirical Two-sided Equilibrium Search Model of the Real Estate Market,” invited
to revise and resubmit International Economic Review.
An individual who feels empowered and involved in the decision-making process will not only have greater job satisfaction but will also be better able to accept decisions with which they might not agree.
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faculty is empowered to make decisions backed up by the administration, a level of trust grows which allows for greater innovation and more effective teaching.
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Most school districts provide new teachers with a mentor during their first year. Some have very formal mentoring programs and others are more relaxed. However, each school should provide new teachers with an internal mentor. This should happen whether the teacher is fresh out of college or coming from another school district.
Most school districts provide new teachers with a mentor during their first year. Some have very formal mentoring programs and others are more relaxed. However, each school should provide new teachers with an internal mentor. This should happen whether the teacher is fresh out of college or coming from another school district.
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each school should provide new teachers with an internal mentor. This should happen whether the teacher is fresh out of college or coming from another school district.
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Some have very formal mentoring programs and others are more relaxed. However, each school should provide new teachers with an internal mentor.
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To be truly effective, a Principal must create a system of core values which the entire staff shares. To do this, the Principal must involve the teachers and staff each step of the way.
To be truly effective, a Principal must create a system of core values which the entire staff shares. To do this, the Principal must involve the teachers and staff each step of the way.
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