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What's in a Grade? School Report Cards and the Housing Market

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Author Info
David N. Figlio
Maurice E. Lucas

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Abstract

This paper investigates whether the housing market responds to the information incorporated in state-administered school grades. We study whether school grades affect families' residential locations and house prices. Using detailed data on repeated sales of individual residential properties in the state of Florida, we find evidence that there is an independent effect of these grades on house prices and residential location, above and beyond the estimated effects of test scores and the other components of the school grades. Because these grades have a large stochastic component, however, we find that over time the estimated effects of the grades has diminished.

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File URL: http://hdl.handle.net/10.1257/0002828041464489
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File URL: http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=94&issue=3&article=10&issue_date=June2004
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Publisher Info
Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 94 (2004)
Issue (Month): 3 (June)
Pages: 591-604
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Handle: RePEc:aea:aecrev:v:94:y:2004:i:3:p:591-604

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. David N. Figlio & Maurice E. Lucas, 2000. "What's in a Grade? School Report Cards and House Prices," NBER Working Papers 8019, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. David N. Figlio & Marianne E. Page, 2003. "Can School Choice and School Accountability Successfully Coexist?," NBER Chapters, in: The Economics of School Choice, pages 49-66 National Bureau of Economic Research, Inc. [Downloadable!]
  3. Moulton, Brent R, 1990. "An Illustration of a Pitfall in Estimating the Effects of Aggregate Variables on Micro Unit," The Review of Economics and Statistics, MIT Press, vol. 72(2), pages 334-38, May. [Downloadable!] (restricted)
  4. Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2002. "How Much Should We Trust Differences-in-Differences Estimates?," NBER Working Papers 8841, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Sandra E. Black, 1999. "Do Better Schools Matter? Parental Valuation Of Elementary Education," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 577-599, May. [Downloadable!] (restricted)
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  6. Bradbury, Katharine L. & Mayer, Christopher J. & Case, Karl E., 2001. "Property tax limits, local fiscal behavior, and property values: evidence from Massachusetts under Proposition," Journal of Public Economics, Elsevier, vol. 80(2), pages 287-311, May. [Downloadable!] (restricted)
  7. Kathy J. Hayes & Lori L. Taylor, 1996. "Neighborhood school characteristics: what signals quality to homebuyers?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q IV, pages 2-9. [Downloadable!]
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David Brasington & Don Haurin, . "Educational Outcomes and House Values: A Test of the Value-Added Approach," Departmental Working Papers 2005-03, Department of Economics, Louisiana State University. [Downloadable!]
    Other versions:
  2. David N. Figlio, 2005. "Testing, Crime and Punishment," NBER Working Papers 11194, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Rajashri Chakrabarti, 2007. "Vouchers, public school response, and the role of incentives: evidence from Florida," Staff Reports 306, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  4. Maarten Cornet & Fré Huizinga & Bert Minne & Dinand Webbink, 2006. "Successful knowledge policies," CPB Memoranda 158, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  5. Leigh L. Linden & Jonah E. Rockoff, 2006. "There Goes the Neighborhood? Estimates of the Impact of Crime Risk on Property Values From Megan's Laws," NBER Working Papers 12253, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Jesse M. Rothstein, 2006. "Good Principals or Good Peers? Parental Valuation of School Characteristics, Tiebout Equilibrium, and the Incentive Effects of Competition among Jurisdictions," American Economic Review, American Economic Association, vol. 96(4), pages 1333-1350, September. [Downloadable!]
  7. David N. Figlio & Cecilia Rouse, 2005. "Do Accountability and Voucher Threats Improve Low-Performing Schools?," NBER Working Papers 11597, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. David Brasington & Don Haurin, . "The Demand for Educational Quality: Comparing Estimates from a Median Voter Model with those from an Almost Ideal Demand System," Departmental Working Papers 2005-16, Department of Economics, Louisiana State University. [Downloadable!]
  9. Brian A. Jacob & Lars Lefgren, 2005. "What Do Parents Value in Education? An Empirical Investigation of Parents' Revealed Preferences for Teachers," NBER Working Papers 11494, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Fredrik Carlsen & Jørn Rattsø & Bjørg Langset & Lasse Stambøl, 2006. "Using survey data to study capitalization of local public services," Working Paper Series 8106, Department of Economics, Norwegian University of Science and Technology. [Downloadable!]
  11. Jon H. Fiva & Lars J. Kirkebøen, 2008. "Does the Housing Market React to New Information on School Quality?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  12. Rajashri Chakrabarti, 2008. "Impact of voucher design on public school performance: evidence from Florida and Milwaukee voucher programs," Staff Reports 315, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  13. David Brasington, . "School Choice and the Flight to Private Schools: To What Extent Are Public and Private Schools Substitutes?," Departmental Working Papers 2005-02, Department of Economics, Louisiana State University. [Downloadable!]
    Other versions:
  14. W. Bentley MacLeod & Miguel Urquiola, 2009. "Anti-Lemons: School Reputation and Educational Quality," NBER Working Papers 15112, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  15. Jesse Rothstein, 2004. "Good Principals or Good Peers? Parental Valuation of School Characteristics, Tiebout Equilibrium, and the Effects of Inter-district Competition," NBER Working Papers 10666, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  16. Theodore M. Crone, 2006. "Capitalization of the quality of local public schools: what do home buyers value?," Working Papers 06-15, Federal Reserve Bank of Philadelphia. [Downloadable!]
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