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Consumers’ Valuation of Academic and Equality-inducing Aspects of School Performance in England

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  • Sofia N. Andreou
  • Panos Pashardes
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    Abstract

    This paper investigates the willingness of households to pay for academic and equality-inducing (deprivation-compensating) components of the Contextual Value Added (CVA) indicator of school quality used in England. Semi-parametric and parametric analysis shows that consumers are willing to pay for houses in the catchment area of primary and secondary schools with high academic achievement, as measured by the mean score; whereas, the component of the CVA indicating equality-inducing aspects of school performance is found to have a positive effect only on the price of houses in the catchment area of primary schools in London; its impact on the price of houses elsewhere is mostly negative. The role played by the CVA as a guide to choosing a school and the implications which our results can have for school funding are considered.

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    File URL: http://papers.econ.ucy.ac.cy/RePEc/papers/09-13.pdf
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    Bibliographic Info

    Paper provided by University of Cyprus Department of Economics in its series University of Cyprus Working Papers in Economics with number 09-2013.

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    Length: 25 pages
    Date of creation: Jun 2013
    Date of revision:
    Handle: RePEc:ucy:cypeua:09-2013

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    Web page: http://www.econ.ucy.ac.cy

    Related research

    Keywords: Consumer Valuation; Education Equality; School Performance; Hedonic Analysis; Contextual Value Added;

    This paper has been announced in the following NEP Reports:

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    1. Paul Cheshire & Stephen Sheppard, 2004. "Capitalising the Value of Free Schools: The Impact of Supply Characteristics and Uncertainty," Economic Journal, Royal Economic Society, vol. 114(499), pages F397-F424, November.
    2. Lorraine Dearden & Alfonso Miranda & Sophia Rabe-Hesketh, 2011. "Measuring school value added with administrative data: the problem of missing variables," DoQSS Working Papers 11-05, Department of Quantitative Social Science - Institute of Education, University of London.
    3. Sandra E. Black, 1997. "Do better schools matter? Parental valuation of elementary education," Research Paper 9729, Federal Reserve Bank of New York.
    4. Caroline Minter Hoxby, 1994. "Does Competition Among Public Schools Benefit Students and Taxpayers?," NBER Working Papers 4979, National Bureau of Economic Research, Inc.
    5. Gibbons, Steve & Machin, Stephen, 2003. "Valuing English primary schools," Journal of Urban Economics, Elsevier, vol. 53(2), pages 197-219, March.
    6. Stephen Gibbons & Stephen Machin, 2008. "Valuing school quality, better transport, and lower crime: evidence from house prices," Oxford Review of Economic Policy, Oxford University Press, vol. 24(1), pages 99-119, spring.
    7. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    8. David Brasington & D. Haurin, . "Educational Outcomes and House Values: A Test of the Value-Added Approach," Departmental Working Papers 2003-05, Department of Economics, Louisiana State University.
    9. Clinch, J Peter & Murphy, Anthony, 2001. "Modelling Winners and Losers in Contingent Valuation of Public Goods: Appropriate Welfare Measures and Econometric Analysis," Economic Journal, Royal Economic Society, vol. 111(470), pages 420-43, April.
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