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The link between non-property crime and house prices – Evidence from UK street-level data

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  • Braakmann, Nils

Abstract

This paper uses street-level data on house sales and crime rates for England and Wales to look at the existence of compensating differentials for crime risk. In terms of identification my strategy relies on the use of non-parametric regional time trends as well as various fixed effects to control for unobserved amenities and regional economic conditions. The results suggest that each additional case of anti-social behavior lowers house prices in the same street by approximately 1% and each additional case of violent crime by 2%. Drug crime does not appear to matter, as does crime outside of the respective street.

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File URL: http://mpra.ub.uni-muenchen.de/44884/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 44884.

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Date of creation: 25 Oct 2012
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Handle: RePEc:pra:mprapa:44884

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Related research

Keywords: cost of crime; compensating differential; house prices;

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  1. Abadie, Alberto & Dermisi, Sofia, 2008. "Is Terrorism Eroding Agglomeration Economies in Central Business Districts? Lessons from the Office Real Estate Market in Downtown Chicago," Working Paper Series rwp08-019, Harvard University, John F. Kennedy School of Government.
  2. Gary S. Becker, 1968. "Crime and Punishment: An Economic Approach," Journal of Political Economy, University of Chicago Press, vol. 76, pages 169.
  3. Jens Ludwig & Philip J. Cook, 1999. "The Benefits of Reducing Gun Violence: Evidence from Contingent-Valuation Survey Data," NBER Working Papers 7166, National Bureau of Economic Research, Inc.
  4. Giles Atkinson & Andrew Healey & Susana Mourato, 2005. "Valuing the costs of violent crime: a stated preference approach," Oxford Economic Papers, Oxford University Press, vol. 57(4), pages 559-585, October.
  5. Nattavudh Powdthavee, 2003. "Unhappiness and Crime: Evidence from South Africa," Development and Comp Systems 0310003, EconWPA, revised 17 Mar 2004.
  6. Lucie Schmidt & Paul N. Courant, 2003. "Sometimes Close is Good Enough: The Value of Nearby Environmental Amenities," Department of Economics Working Papers 2003-07, Department of Economics, Williams College.
  7. Raphael, Steven & WINTER-EBMER, RUDOLF, 1998. "Identifying the Effect of Unemployment on Crime," University of California at San Diego, Economics Working Paper Series qt5hb4h56g, Department of Economics, UC San Diego.
  8. Reilly, Barry & Witt, Robert, 1996. "Crime, Deterrence and Unemployment in England and Wales: An Empirical Analysis," Bulletin of Economic Research, Wiley Blackwell, vol. 48(2), pages 137-59, April.
  9. Roback, Jennifer, 1982. "Wages, Rents, and the Quality of Life," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1257-78, December.
  10. Roback, Jennifer, 1988. "Wages, Rents, and Amenities: Differences among Workers and Regions," Economic Inquiry, Western Economic Association International, vol. 26(1), pages 23-41, January.
  11. Daniel S. Hamermesh, 1998. "Crime and the Timing of Work," NBER Working Papers 6613, National Bureau of Economic Research, Inc.
  12. Julie Berry Cullen & Steven D. Levitt, 1996. "Crime, Urban Flight, and the Consequences for Cities," NBER Working Papers 5737, National Bureau of Economic Research, Inc.
  13. Eric D. Gould & Bruce A. Weinberg & David B. Mustard, 2002. "Crime Rates And Local Labor Market Opportunities In The United States: 1979-1997," The Review of Economics and Statistics, MIT Press, vol. 84(1), pages 45-61, February.
  14. Pope, Jaren C., 2008. "Fear of crime and housing prices: Household reactions to sex offender registries," Journal of Urban Economics, Elsevier, vol. 64(3), pages 601-614, November.
  15. Braakmann, Nils, 2009. "Is there a compensating wage differential for high crime levels? First evidence from Europe," Journal of Urban Economics, Elsevier, vol. 66(3), pages 218-231, November.
  16. Braakmann, Nils, 2012. "How do individuals deal with victimization and victimization risk? Longitudinal evidence from Mexico," Journal of Economic Behavior & Organization, Elsevier, vol. 84(1), pages 335-344.
  17. Carmichael, Fiona & Ward, Robert, 2001. "Male unemployment and crime in England and Wales," Economics Letters, Elsevier, vol. 73(1), pages 111-115, October.
  18. Allen Lynch & David Rasmussen, 2001. "Measuring the impact of crime on house prices," Applied Economics, Taylor & Francis Journals, vol. 33(15), pages 1981-1989.
  19. Karin Edmark, 2005. "Unemployment and Crime: Is There a Connection?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 107(2), pages 353-373, 06.
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