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A direct test of the homevoter hypothesis

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  • Dehring, Carolyn A.
  • Depken II, Craig A.
  • Ward, Michael R.

Abstract

We propose a methodology that facilitates a direct test of the homevoter hypothesis, which posits that homeowners vote in favor of public projects they perceive increase residential property values and against those that do not. First, we estimate how pre-referendum events that signal a higher probability that the public project will be undertaken impact local residential property values before the referendum is held. These pre-referendum impacts are considered noisy signals to homeowners about the market's assessment of the net marginal benefits of the project. Second, we aggregate these market signals to the precinct level and relate them to precinct-level voting results concerning the proposed project. We apply this two-step approach to the 2004 referendum in Arlington, Texas, for a publicly subsidized stadium for the NFL Dallas Cowboys. The analysis supports the homevoter hypothesis and establishes a possible methodology for future evaluations in this small but growing empirical literature.

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Bibliographic Info

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

Volume (Year): 64 (2008)
Issue (Month): 1 (July)
Pages: 155-170

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Handle: RePEc:eee:juecon:v:64:y:2008:i:1:p:155-170

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Web page: http://www.elsevier.com/locate/inca/622905

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Keywords: Stadiums Sports economics Hedonic model;

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  1. Sonstelie, Jon C. & Portney, Paul R., 1980. "Take the money and run: A theory of voting in local referenda," Journal of Urban Economics, Elsevier, vol. 8(2), pages 187-195, September.
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  3. Gerald Carlino & N. Edward Coulson, 2002. "Compensating differentials and the social benefits of the NFL," Working Papers 02-12, Federal Reserve Bank of Philadelphia.
  4. Quigley, John M. & Smolensky, Eugene, 1997. "Stickball in San Francisco," Berkeley Program on Housing and Urban Policy, Working Paper Series qt3rw313m3, Berkeley Program on Housing and Urban Policy.
  5. DiPasquale, Denise & Glaeser, Edward L., 1999. "Incentives and Social Capital: Are Homeowners Better Citizens?," Journal of Urban Economics, Elsevier, vol. 45(2), pages 354-384, March.
  6. Brunner, Eric & Sonstelie, Jon, 2003. "Homeowners, property values, and the political economy of the school voucher," Journal of Urban Economics, Elsevier, vol. 54(2), pages 239-257, September.
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  13. Justine S. Hastings & Thomas J. Kane & Douglas O. Staiger & Jeffrey M. Weinstein, 2005. "The Effect of Randomized School Admissions on Voter Participation," NBER Working Papers 11794, National Bureau of Economic Research, Inc.
  14. Carlino, Gerald & Coulson, N. Edward, 2006. "Compensating differentials and the social benefit of the NFL: Reply," Journal of Urban Economics, Elsevier, vol. 60(1), pages 132-138, July.
  15. Brunner, Eric & Sonstelie, Jon & Thayer, Mark, 2001. "Capitalization and the Voucher: An Analysis of Precinct Returns from California's Proposition 174," Journal of Urban Economics, Elsevier, vol. 50(3), pages 517-536, November.
  16. Wildasin, David E., 1979. "Local public goods, property values, and local public choice," Journal of Urban Economics, Elsevier, vol. 6(4), pages 521-534, October.
  17. Coates, Dennis & Humphreys, Brad R. & Zimbalist, Andrew, 2006. "Compensating differentials and the social benefits of the NFL: A comment," Journal of Urban Economics, Elsevier, vol. 60(1), pages 124-131, July.
  18. Charles C. Tu, 2005. "How Does a New Sports Stadium Affect Housing Values? The Case of FedEx Field," Land Economics, University of Wisconsin Press, vol. 81(3).
  19. Coates, Dennis & Humphreys, Brad R., 2003. "The effect of professional sports on earnings and employment in the services and retail sectors in US cities," Regional Science and Urban Economics, Elsevier, vol. 33(2), pages 175-198, March.
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