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On the Political Economy of Land Value Capitalization and Local Public Sector Rent-Seeking in a Tiebout Model

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Joseph Gyourko
Joseph S. Tracy

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Abstract

In this paper we examine the political economy. of capitalization in a Tiebout model when there is a rent-seeking public bureaucracy. A new approach is suggested for testing for the influence of successful local public sector rent-seeking on local property values. We present empirical evidence showing that property values are lower in cities which pay their public sector workers significantly more than similar public sector workers earn in other cities. Finally, we discuss how the regulatory process can be used to distribute rents arising from a short-run Tiebout disequilibrium to landowners, public sector workers, and renters.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1919.

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Date of creation: May 1986
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Handle: RePEc:nbr:nberwo:1919

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  1. Cho, Seong-Hoon & Wu, Junjie, 2002. "Environmental Amenities And Community Characteristics: An Empirical Study Of Portland, Oregon," 2002 Annual meeting, July 28-31, Long Beach, CA 19863, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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