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Unlocking Amenities: Estimating Public-Good Complementarity

Author

Listed:
  • David Albouy
  • Peter Christensen
  • Ignacio Sarmiento-Barbieri

Abstract

Public goods may exhibit complementarities that are essential for determining their individual value. Our results indicate that improving safety near parks can turn them from public bads to goods. Ignoring complementarities may lead to i) undervaluing the potential value of public goods; ii) overestimating heterogeneity in preferences; and iii) understating the value of public goods to minority households. Recent reductions in crime have “unlocked” $5 billion in property value in Chicago, New York and Philadelphia. Still over half of the potential value of park proximity, over $10 billion, remains locked in.

Suggested Citation

  • David Albouy & Peter Christensen & Ignacio Sarmiento-Barbieri, 2018. "Unlocking Amenities: Estimating Public-Good Complementarity," NBER Working Papers 25107, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:25107
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    Cited by:

    1. Albouy, David & Farahani, Arash & Kim, Heejin, 2018. "Productivity and Quality-of-Life Benefits to Rural Infrastructure," Issue Reports 277657, Farm Foundation.
    2. Ross Hickey & Steeve Mongrain & Joanne Roberts & Tanguy van Ypersele, 2019. "Private Protection and Public Policing," Melbourne Institute Working Paper Series wp2019n04, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.

    More about this item

    JEL classification:

    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • R23 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Regional Migration; Regional Labor Markets; Population

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