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Valuing school quality, better transport, and lower crime: evidence from house prices

Gibbons, S; Machin, S; (2008) Valuing school quality, better transport, and lower crime: evidence from house prices. OXFORD REV ECON POL , 24 (1) 99 - 119. 10.1093/oxrep/grn008.

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Abstract

Housing prices within urban areas exhibit highly localized variation that cannot be explained solely by differences in the physical attributes of dwellings. We consider the role of local amenities and disamenities in generating price variation within urban areas, focusing on three highly policy-relevant urban issues-transport accessibility, school quality, and crime. Our survey of the recent empirical literature highlights what is known and what is not known on these issues, and considers the relevance and reliability of this evidence for policy design and evaluation. Although there are serious empirical challenges, we argue that research on housing values based on careful research designs can offer credible estimates of the social value of place-specific attributes and amenities.

Type: Article
Title: Valuing school quality, better transport, and lower crime: evidence from house prices
DOI: 10.1093/oxrep/grn008
Keywords: house prices, transport, school quality, crime, RESIDENTIAL PROPERTY-VALUES, IMPLICIT MARKETS, HEDONIC PRICES, RAIL TRANSIT, AIR-QUALITY, MODELS, IMPACT, EDUCATION, TORONTO, SUBWAY
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/114096
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