Ed Balsdon () (Department of Economics, San Diego State University) Eric Brunner () (Department of Economics, San Diego State University) Kim Rueben (Public Policy Institute of California)
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This paper develops a framework for estimating demand for school infrastructure investment that is financed through local bond referenda. Our framework takes explicit account of the irregular and discrete nature of local capital investment and the objective functions of local school boards. Our empirical model consists of a three-equation system composed of a proposed spending equation, a vote equation, and a selection equation. Estimated income and price elasticities of demand for school infrastructure are similar to those found in studies of current school spending. We also find that school boards act like risk-averse, budget-maximizing agenda-setters.
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Paper provided by San Diego State University, Department of Economics in its series Working Papers with number
0009.
Find related papers by JEL classification: H40 - Public Economics - - Publicly Provided Goods - - - General H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures I22 - Health, Education, and Welfare - - Education - - - Educational Finance
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