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Measuring the social value of local public goods: an empirical analysis within Paris metropolitan area

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Author Info

  • Nicolas Gravel
  • Alessandra Michelangeli
  • Alain Trannoy

Abstract

A non-linear hedonic model is used to estimate the implicit marginal prices of 17 local public goods in a Paris suburban area on an original data set of some 8200 housing units. The results reveal a robust effect of local public school quality (measured both by the fraction of junior high school students that are at least two years behind grade level and the student/teacher ratio) on house prices. It is observed that housing owners' marginal willingness to pay for reducing commuting time is roughly similar for public transportation than for car transportation. Another noticeable result is the complete capitalization of local taxes at a discount rate of 3.5%. An illustration of the potential usefulness of the results for Cost-Benefit analysis is also provided.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 38 (2006)
Issue (Month): 16 ()
Pages: 1945-1961

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Handle: RePEc:taf:applec:v:38:y:2006:i:16:p:1945-1961

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Cited by:
  1. Nguyen-Hoang, Phuong & Yinger, John, 2011. "The capitalization of school quality into house values: A review," Journal of Housing Economics, Elsevier, vol. 20(1), pages 30-48, March.
  2. Jean Cavailhes, 2005. "Le prix des attributs du logement," Working Papers 156829, Institut National de la Recherche Agronomique, France.
  3. Jean Cavailhès, 2005. "The Price Of Housing Attributes," Economie et Statistique, Institut National de la Statistique et des Etudes Economiques, vol. 381, pages 91-123, October.
  4. Arnstein Gjestland & David McArthur & Liv Osland & Inge Thorsen, 2011. "Alternative methods for quantifying commuting-related benefits of new transport infrastructure," ERSA conference papers ersa11p1223, European Regional Science Association.
  5. Gabrielle Fack & Julien Grenet, 2010. "When do Better Schools Raise Housing Prices? Evidence from Paris Public and Private Schools," CEE Discussion Papers 0119, Centre for the Economics of Education, LSE.
  6. Boucq, Elise & Papon, Francis, 2008. "Assessment of the real estate benefits due to accessibility gains brought by a transport project: the impacts of a light rail infrastructure improvement in the Hauts-de-Seine department," European Transport \ Trasporti Europei, ISTIEE, Institute for the Study of Transport within the European Economic Integration, issue 40, pages 51-68.
  7. Gjestland, Arnstein & McArthur, David Philip & Osland, Liv & Thorsen, Inge, 2014. "The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows," Transportation Research Part A: Policy and Practice, Elsevier, vol. 61(C), pages 136-151.

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