EconStor >
Forschungsinstitut zur Zukunft der Arbeit (IZA), Bonn >
IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA) >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/35785
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorNoonan, Douglas S.en_US
dc.contributor.authorKrupka, Douglas J.en_US
dc.date.accessioned2009-05-05en_US
dc.date.accessioned2010-07-07T11:58:24Z-
dc.date.available2010-07-07T11:58:24Z-
dc.date.issued2009en_US
dc.identifier.piurn:nbn:de:101:1-2009051376en_US
dc.identifier.urihttp://hdl.handle.net/10419/35785-
dc.description.abstractMuch has been written identifying property price effects of historic preservation policies. Little attention has been paid to the possible policy endogeneity in hedonic price models. This paper outlines a general case of land use regulation in the presence of externalities and then demonstrates the usefulness of the model in an instrumental-variables estimation of a hedonic price analysis - with an application to historic preservation in Chicago. The theoretical model casts doubt on previous results concerning price effects of preservation policies. The comparative statics identify some determinants of regulation that seem, on the face of it, most unlikely to also belong in a hedonic price equation. The analysis employs these determinants as instruments for endogenous regulatory treatment in a hedonic price analysis. OLS estimation of the hedonic offers results consistent with much of previous literature, namely that property values are higher for historic landmarks. In the 2SLS hedonic, robust estimates of the own price effect of historic designation are shown to be large and negative (approx. -27%) for homes in landmark districts. Further, significant and substantively important (positive) external price effects of landmark designations are found. The paper concludes with a discussion of the policy implications of these findings for historic preservation.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA discussion papers 4110en_US
dc.subject.jelR21en_US
dc.subject.jelR31en_US
dc.subject.jelR52en_US
dc.subject.jelZ1en_US
dc.subject.ddc330en_US
dc.subject.keywordHedonicsen_US
dc.subject.keywordbuilt heritageen_US
dc.subject.keywordheritage valuationen_US
dc.subject.keywordreal estate economicsen_US
dc.subject.stwKulturpolitiken_US
dc.subject.stwBewertungen_US
dc.subject.stwImmobilienpreisen_US
dc.subject.stwHedonischer Preisen_US
dc.subject.stwChicago (Ill.)en_US
dc.titleMaking - or picking - winners: evidence of internal and external price effects in historic preservation policiesen_US
dc.typeWorking Paperen_US
dc.identifier.ppn599097906en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

Files in This Item:
File Description SizeFormat
599097906.pdf481.67 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.