Private Demands for Public Capital: Evidence from School Bond Referenda

Ed Balsdon (), Eric J. Brunner () and Kim Rueben ()
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Ed Balsdon: Department of Economics, San Diego State University

Working Papers from San Diego State University, Department of Economics

Abstract: This paper develops a framework for estimating demand for school infrastructure investment that is financed through local bond referenda. Our framework takes explicit account of the irregular and discrete nature of local capital investment and the objective functions of local school boards. Our empirical model consists of a three-equation system composed of a proposed spending equation, a vote equation, and a selection equation. Estimated income and price elasticities of demand for school infrastructure are similar to those found in studies of current school spending. We also find that school boards act like risk-averse, budget-maximizing agenda-setters.

Keywords: School Infrastructure Investment; Agenda Setting (search for similar items in EconPapers)
JEL-codes: H40 H72 I22 (search for similar items in EconPapers)
Date: 2003-01
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Journal Article: Private demands for public capital: evidence from school bond referenda (2003)
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Persistent link: http://EconPapers.repec.org/RePEc:sds:wpaper:0009

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