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The value of secondary school quality

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Author Info

  • Leslie Rosenthal

    ()
    (Department of Economics University of Keele)

Abstract

Improving the quality of state-funded secondary school education has become a major issue in the UK. However, without a valuation of the social benefits derived from public provision of educational services, the rational evaluation of policy to this end is difficult. Utilising the argument that dwellings near better schools command a price premium, this paper presents results from an empirical exercise aimed at providing such a social valuation of increased school quality. Using a large set of data for England, and an instrumental variable approach, results indicate an elasticity of dwelling purchase price with respect to exam performance by schools at around +0.05. One implication is that society would value a general increase of five percentage points in exam performance by about £450 million per annum.

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File URL: http://www.keele.ac.uk/depts/ec/wpapers/0006.pdf
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Bibliographic Info

Paper provided by Department of Economics, Keele University in its series Keele Department of Economics Discussion Papers (1995-2001) with number 2000/06.

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Length: 17 pages
Date of creation: Aug 2000
Date of revision:
Publication status: Published in Oxford Bulletin of Economics and Statistics, Vol. 65, Number 3, July 2003 pages 329-356. [ doi:10.1111/1468-0084.t01-1-00053 ]
Handle: RePEc:kee:keeldp:2000/06

Note: Without the data supplied by the Nationwide Building Society, none of the following research could have been attempted, and grateful thanks are extended. Similarly, the Department of Education and Employment kindly supplied school performance tables on a personal basis, and information was utilised through the ESRC Databank and the Post Office. These organisations remain entirely innocent of any errors and conclusions drawn by the author: responsibility for the content of the paper here resides solely with the individual named above. He would not, however, wish to fully exonerate others, with whom the work has been discussed. Gauthier Lanot, Robin Bladen-Hovell, Rosemary O'Kane, Michael Ridge, and Stephanie Dale are gratefully thanked.
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Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
Phone: +44 (0)1782 584581
Fax: +44 (0)1782 717577
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Web page: http://www.keele.ac.uk/depts/ec/cer/
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Postal: Department of Economics, Keele University, Keele, Staffordshire ST5 5BG - United Kingdom
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Web: http://www.keele.ac.uk/depts/ec/cer/pubs_kerps.htm

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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. Rebecca Allen & Simon Burgess & Tomas Key, 2010. "Choosing secondary school by moving house: school quality and the formation of neighbourhoods," DoQSS Working Papers 10-21, Department of Quantitative Social Science - Institute of Education, University of London.
  3. Cormac O'Dea & Ian Preston, 2012. "The distributional impact of public spending in the UK," IFS Working Papers W12/06, Institute for Fiscal Studies.
  4. Sofia N. Andreou & Panos Pashardes, 2012. "Consumers’ Valuation of Level and Egalitarian Education Attainment of Schools in England," University of Cyprus Working Papers in Economics 10-2012, University of Cyprus Department of Economics.
  5. Yadavalli, Anita P. & Florax, Raymond J.G.M., 2013. "The Effect of School Quality on House Prices: A Meta-Regression Analysis," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151291, Agricultural and Applied Economics Association.
  6. Rebecca Allen & Simon Burgess & Leigh McKenna, 2010. "How should we treat under-performing schools? A regression discontinuity analysis of school inspections in England," DoQSS Working Papers 10-20, Department of Quantitative Social Science - Institute of Education, University of London.
  7. Foreman-Peck, James & Foreman-Peck, Lorraine, 2006. "Should schools be smaller? The size-performance relationship for Welsh schools," Economics of Education Review, Elsevier, vol. 25(2), pages 157-171, April.
  8. Stephen Machin & Sandra McNally, 2012. "The Evaluation of English Education Policies," National Institute Economic Review, National Institute of Economic and Social Research, vol. 219(1), pages R15-R25, January.
  9. Stephen Machin & Sandra McNally & Gill Wyness, 2013. "Education in a Devolved Scotland: A Quantitative Analysis," CEP Special Papers 30, Centre for Economic Performance, LSE.
  10. Steve Gibbons & Stephen Machin, 2004. "Paying for primary schools: supply constraints, school popularity or congestion?," CEE Discussion Papers 0042, Centre for the Economics of Education, LSE.
  11. Machin, Stephen, 2011. "Houses and schools: Valuation of school quality through the housing market," Labour Economics, Elsevier, vol. 18(6), pages 723-729.

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