Assessing the efficiency of local open space provision
Journal of Public Economics, 2018, vol. 158, issue C, 12-24
This paper tests the efficiency of local provision of land conservation. I examine how housing prices, which capitalize open space amenities and future tax obligations, change after municipalities vote on referendums for conservation spending. Using a dynamic regression discontinuity based on voting outcomes, results suggest that average housing prices increase about 0.68–1.12% for every $1000 per household of open space spending authorized, which indicates inefficiency and underprovision of conservation. I also examine tax capitalization and supply side explanations for estimated capitalization.
Keywords: Local public finance; Open space; Hedonic valuation; Regression discontinuity; Voting; Referendum; Tax capitalization; Homevoter hypothesis (search for similar items in EconPapers)
JEL-codes: D72 H41 H76 Q24 Q51 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pubeco:v:158:y:2018:i:c:p:12-24
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