Do Urban Neighborhoods Benefit from Homeowners? Evidence from Housing Prices

Mika Kortelainen, Tuukka Saarimaa

Tutkimustuotos: LehtiartikkeliArticleScientificvertaisarvioitu

1 Sitaatiot (Scopus)

Abstrakti

Homeownership is heavily subsidized in most countries. The adverse effects of this policy on economic efficiency and income distribution are well documented in the economics literature. The main argument in favor of subsidizing homeownership is that it creates positive externalities that offset these adverse effects. In this paper, we test whether homeowners create positive externalities that capitalize into housing prices in multi-storey buildings. Using semi-parametric hedonic regressions with and without instrumental variables, we find no evidence of positive externalities, although the results with instrumental variables are somewhat imprecise. This result is robust to several sensitivity checks and to a relaxation of the identification assumptions of our instrument using set identification.

AlkuperäiskieliEnglanti
Sivut28-56
Sivumäärä29
JulkaisuScandinavian Journal of Economics
Vuosikerta117
Numero1
DOI - pysyväislinkit
TilaJulkaistu - 1 tammikuuta 2015
OKM-julkaisutyyppiA1 Julkaistu artikkeli, soviteltu

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