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The Value of School Social Climate Information: Evidence from Chicago Housing Transactions

Author

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  • Rene A. Crespin

Abstract

Educational institutions increasingly measure and publish indicators of social climate. I exploit a plausibly exogenous shock of Chicago school information to examine how social climate information is capitalized into housing markets and affects homebuyer sorting. Using border discontinuities, event studies, and difference-in-differences designs, I find public disclosure raises prices for homes assigned to schools with better climate ratings, with suggestive evidence that higher-income families sort into these homes. A second, less publicized disclosure produced weaker price capitalization but significant responses among higher-income households, suggesting differences in access to information. The findings provide revealed-preference evidence that families value school climate quality.

Suggested Citation

  • Rene A. Crespin, 2026. "The Value of School Social Climate Information: Evidence from Chicago Housing Transactions," American Economic Journal: Economic Policy, American Economic Association, vol. 18(3), pages 163-196, August.
    • Handle: RePEc:aea:aejpol:v:18:y:2026:i:3:p:163-96
    DOI: 10.1257/pol.20230136
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    More about this item

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare
    • I21 - Health, Education, and Welfare - - Education - - - Analysis of Education
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy
    • J13 - Labor and Demographic Economics - - Demographic Economics - - - Fertility; Family Planning; Child Care; Children; Youth
    • J45 - Labor and Demographic Economics - - Particular Labor Markets - - - Public Sector Labor Markets
    • J81 - Labor and Demographic Economics - - Labor Standards - - - Working Conditions

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