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Valuing local collective goods: the case of business improvement districts

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  • Miller, Mark V.
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    Abstract

    It is hard to find situations with localized public goods which lend themselves well to empirical study in economics. Business improvement districts (BIDs), for this reason, make for an interesting case study. BIDs are regions which use tax revenue to increase local amenity provision, in hopes of stimulating extra economic activity in the area. This paper examines how these amenities are capitalized into residential properties which overlap with, or reside near, these BIDs. Several findings emerge. First, homes within BIDs appear to appreciate more than homes within the rest of the DC area, following a BID’s anticipation or launch; this finding, however, is not robust to consideration of local price trends. Second, comparing homes within defined distances of BID borders suggests that homes within BIDs, following their anticipation or launch, do not appreciate more than their outside neighbors. Third, there is evidence of spillover effects. Homes closer to BIDs appreciate more than those further from such. Results suggest that positive externalities might not be solely confined to agents within a BID, but rather extend to its surrounding community.

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    Bibliographic Info

    Paper provided by Agricultural and Applied Economics Association in its series 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. with number 150635.

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    Date of creation: 03 Jun 2013
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    Handle: RePEc:ags:aaea13:150635

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    Keywords: Community/Rural/Urban Development; Institutional and Behavioral Economics; Research Methods/ Statistical Methods;

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    1. Billings, Stephen B., 2011. "Estimating the value of a new transit option," Regional Science and Urban Economics, Elsevier, vol. 41(6), pages 525-536.
    2. Stephen Gibbons & Stephen Machin, 2004. "Valuing rail access using transport innovations," LSE Research Online Documents on Economics 19989, London School of Economics and Political Science, LSE Library.
    3. Philip J. Cook & John MacDonald, 2011. "Public Safety through Private Action: an Economic Assessment of BIDS," Economic Journal, Royal Economic Society, vol. 121(552), pages 445-462, 05.
    4. Glaeser, Edward L. & Kahn, Matthew E., 2004. "Sprawl and urban growth," Handbook of Regional and Urban Economics, in: J. V. Henderson & J. F. Thisse (ed.), Handbook of Regional and Urban Economics, edition 1, volume 4, chapter 56, pages 2481-2527 Elsevier.
    5. Meltzer, Rachel, 2012. "Understanding Business Improvement District formation: An analysis of neighborhoods and boundaries," Journal of Urban Economics, Elsevier, vol. 71(1), pages 66-78.
    6. Brooks, Leah & Strange, William C., 2011. "The micro-empirics of collective action: The case of business improvement districts," Journal of Public Economics, Elsevier, vol. 95(11), pages 1358-1372.
    7. Leah Brooks, 2006. "Unveiling Hidden Districts: Assessing The Adoption Patterns Of Business Improvement Districts In California," Departmental Working Papers 2006-03, McGill University, Department of Economics.
    8. Brooks, Leah, 2008. "Volunteering to be taxed: Business improvement districts and the extra-governmental provision of public safety," Journal of Public Economics, Elsevier, vol. 92(1-2), pages 388-406, February.
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