Merit-Based Scholarship ``Over-Awards'' and Home Prices

Noel D. Campbell and Frank Smith
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Noel D. Campbell: University of Central Arkansas
Frank Smith: Henderson State University

Public Finance Review, 2009, vol. 37, issue 2, 198-216

Abstract: Some Georgia school systems award more HOPE scholarships than their academic achievement predicts, creating a geographically determined benefit that will be compounded into local real estate values. Using a two-stage regression methodology, we test to see if these scholarship ``over-awards'' are capitalized into local home prices. Our evidence supports the hypothesis. We argue that potential homeowners view HOPE eligibility percentages as an indicator of access to state resources, and this access is capitalized into home prices.

Keywords: merit-based scholarship; housing prices; educational amenities (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:37:y:2009:i:2:p:198-216

DOI: 10.1177/1091142108321236

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