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The political economy of housing prices: Hedonic pricing with regression discontinuity

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  • Sue, Eddie D.W.
  • Wong, Wei-Kang

Abstract

This paper uses hedonic pricing to empirically estimate the value of publicly provided local goods and services in the constituencies of the ruling party relative to those of the opposition parties. To improve control for omitted variables that change smoothly over space, we use a regression discontinuity design to restrict the sample to houses that are near the electoral boundaries. Using resale market prices of public flats in Singapore, in some cases we find a moderate but highly statistically significant difference in housing prices across the electoral boundaries that separate the constituencies of the ruling party and the opposition parties.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Housing Economics.

Volume (Year): 19 (2010)
Issue (Month): 2 (June)
Pages: 133-144

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Handle: RePEc:eee:jhouse:v:19:y:2010:i:2:p:133-144

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Web page: http://www.elsevier.com/locate/inca/622881

Related research

Keywords: Hedonic pricing Regression discontinuity Political economy Publicly provided local goods and services;

References

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  1. Karen M. Pence, 2006. "Foreclosing on Opportunity: State Laws and Mortgage Credit," The Review of Economics and Statistics, MIT Press, vol. 88(1), pages 177-182, February.
  2. Kenneth Y. Chay & Michael Greenstone, 2005. "Does Air Quality Matter? Evidence from the Housing Market," Journal of Political Economy, University of Chicago Press, vol. 113(2), pages 376-424, April.
  3. Lee, David S., 2008. "Randomized experiments from non-random selection in U.S. House elections," Journal of Econometrics, Elsevier, vol. 142(2), pages 675-697, February.
  4. 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.
  5. Thomas J. Holmes, 1998. "The Effect of State Policies on the Location of Manufacturing: Evidence from State Borders," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 667-705, August.
  6. World Bank, 2009. "From Privilege to Competition : Unlocking Private-Led Growth in the Middle East and North Africa," World Bank Publications, The World Bank, number 13523, February.
  7. Razvan Vlaicu, 2008. "Democracy, Credibility, and Clientelism," Journal of Law, Economics and Organization, Oxford University Press, vol. 24(2), pages 371-406, October.
  8. Keefer, Philip, 2005. "Democratization and clientelism: why are young democracies badly governed?," Policy Research Working Paper Series 3594, The World Bank.
  9. Keefer, Philip, 2004. "A review of the political economy of governance : from property rights to voice," Policy Research Working Paper Series 3315, The World Bank.
  10. Sau Kim Lum & Tilin Koh & Seow‐Eng Ong, 2004. "Upgrading programme in public housing: an assessment of price and liquidity enhancements," Journal of Property Research, Taylor & Francis Journals, vol. 21(2), pages 143-159, November.
  11. Keefer, Philip, 2004. "What does political economy tell us about economic development - and vice versa?," Policy Research Working Paper Series 3250, The World Bank.
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Cited by:
  1. Liao, Wen-Chi & Wang, Xizhu, 2012. "Hedonic house prices and spatial quantile regression," Journal of Housing Economics, Elsevier, vol. 21(1), pages 16-27.
  2. Martin Bohl & Winfried Michels & Jens Oelgemöller, 2012. "Determinanten von Wohnimmobilienpreisen: Das Beispiel der Stadt Münster," Jahrbuch für Regionalwissenschaft, Springer, vol. 32(2), pages 193-208, September.

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