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The Capitalization of Education Finance Reforms

  • Dee, Thomas S

The education finance reforms encouraged by state court rulings over the past 25 years have led to increased state aid and educational spending in poorer school districts. This empirical study addresses whether these new resources were capitalized into the housing values and residential rents within those districts. Estimations based on district-level census data indicate that the new educational expenditures generated by the court mandates substantially increased median housing values and residential rents. This Tiebout response implies that court-mandated finance reforms increased the perceived quality of the poorer school districts in reform states. However, the existence and magnitude of this response also implies that these reforms had unintended distributional consequences. For example, these results indicate that for some the redistributive impact of education finance reform may have been sharply attenuated by the increased cost of residing in the districts that received new educational resources. Copyright 2000 by the University of Chicago.

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File URL: http://dx.doi.org/10.1086/467452
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Article provided by University of Chicago Press in its journal Journal of Law & Economics.

Volume (Year): 43 (2000)
Issue (Month): 1 (April)
Pages: 185-214

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Handle: RePEc:ucp:jlawec:v:43:y:2000:i:1:p:185-214
Contact details of provider: Web page: http://www.journals.uchicago.edu/JLE/

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  1. T. A. Downes & D. N. Figlio, . "School Finance Reforms, Tax Limits, and Student Performance: Do Reforms Level Up or Dumb Down?," Institute for Research on Poverty Discussion Papers 1142-97, University of Wisconsin Institute for Research on Poverty.
  2. Sandra E. Black, 1999. "Do Better Schools Matter? Parental Valuation of Elementary Education," The Quarterly Journal of Economics, Oxford University Press, vol. 114(2), pages 577-599.
  3. Bogart, William T. & Cromwell, Brian A., 1997. "How Much More is a Good School District Worth?," National Tax Journal, National Tax Association, vol. 50(2), pages 215-32, June.
  4. William N. Evans & Sheila E. Murray & Robert M. Schwab, 1997. "Schoolhouses, courthouses, and statehouses after Serrano," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 16(1), pages 10-31.
  5. Epple, Dennis, 1987. "Hedonic Prices and Implicit Markets: Estimating Demand and Supply Functions for Differentiated Products," Journal of Political Economy, University of Chicago Press, vol. 95(1), pages 59-80, February.
  6. Aaronson, Daniel, 1999. "The Effect of School Finance Reform on Population Heterogeneity," National Tax Journal, National Tax Association, vol. 52(n. 1), pages 5-29, March.
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