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| LEADER | 02775cam a2200421Ii 4500 | |
| 001 | 991022374052502122 | |
| 005 | 20190430052449.0 | |
| 006 | m o d | |
| 007 | cr ||||||||||| | |
| 008 | 190411s2019 maua ob 000 0 eng d | |
| 035 | $a(OCoLC)1096328719 | |
| 035 | $a(OCoLC)on1096328719 | |
| 035 | $a(EXLNZ-01UWI_NETWORK)9912743685802121 | |
| 040 | $aOUN$beng$erda$cOUN$dGZM | |
| 043 | $an-us--- | |
| 049 | $aGZMA | |
| 050 | _4 | $aH11$b.N2434x no.25699 |
| 100 | 1_ | $aBanzhaf, H. Spencer,$d1969-$eauthor. |
| 245 | 10 | $aCapitalization as a two-part tariff :$bthe role of zoning /$cH. Spencer Banzhaf, Kyle Mangum. |
| 264 | _1 | $aCambridge, Mass. :$bNational Bureau of Economic Research,$c2019. |
| 300 | $a1 online resource (66 pages) :$billustrations. | |
| 336 | $atext$btxt$2rdacontent | |
| 337 | $acomputer$bc$2rdamedia | |
| 338 | $aonline resource$bcr$2rdacarrier | |
| 490 | 1_ | $aNBER working paper series ;$vno. 25699 |
| 588 | 0_ | $aOnline resource; title from http://www.nber.org/papers/25699 viewed April 11, 2019. |
| 500 | $a"March 2019" | |
| 500 | $aIncludes online appendix (pages 67-87). | |
| 504 | $aIncludes bibliographical references (pages 61-66). | |
| 520 | $aThis paper shows that the capitalization of local amenities is effectively priced into land via a two-part pricing formula: a "ticket" price paid regardless of the amount of housing service consumed and a "slope" price paid per unit of services. We first show theoretically how tickets arise as an extensive margin price when there are binding constraints on the number of households admitted to a neighborhood. We use a large national dataset of housing transactions, property characteristics, and neighborhood attributes to measure the extent to which local amenities are capitalized in ticket prices vis-a-vis slopes. We find that in most U.S. cities, the majority of neighborhood variation in pricing occurs via tickets, although the importance of tickets rises sharply in the stringency of land development regulations, as predicted by theory. We discuss implications of two-part pricing for efficiency and equity in neighborhood sorting equilibria and for empirical estimates of willingness to pay for non marketed amenities, which generally assume proportional pricing only. | |
| 650 | _0 | $aHousing$xLocation$zUnited States$xPlanning$xEconometric models. |
| 650 | _0 | $aHousing$xPrices$xEffect of environment on$zUnited States$xEconometric models. |
| 650 | _0 | $aZoning$xEconomic aspects$zUnited States$xEconometric models. |
| 650 | _0 | $aUrban economics$xEconometric models. |
| 700 | 1_ | $aMangum, Kyle,$eauthor. |
| 710 | 2_ | $aNational Bureau of Economic Research,$epublisher. |
| 830 | _0 | $aWorking paper series (National Bureau of Economic Research) ;$vno. 25699. |
| 856 | 40 | $uhttp://www.nber.org/papers/w25699 |