Differential Capitalization of Local Public Service Characteristics
研究了地方公共服务和财产税差异在房价中的资本化现象，特别是同一辖区内不同住房单元因距离学校等公共服务设施远近而产生的价值差异，对理解住房市场与公共政策互动有参考价值。
Analysis of the capitalization of property tax and public service differentials has come a long way since Oates's pathbreaking work (Oates 1969). It is now well established that interjurisdictional differentials in local property tax rates and public service levels are reflected to some degree in house prices (Heinberg and Oates 1970; Meadows 1976; McDougall 1976; King 1977). In addition, intrajurisdictional tax capitalization may occur due to local assessment practices (Church 1974; Black 1977; Edelstein 1974; Bloom, Ladd, and Yinger 1980). However, there has been little research undertaken exploring the possibility of intrajurisdictional public-service capitalization. Intrajurisdictional tax and publicservice capitalization represents an important extension of the Tiebout analysis of the local public sector (Tiebout 1956). While individuals may respond to differentials in public-service levels and tax rates in their mobility and house purchase decisions, it is not at all clear that these attributes are valued uniformly for all units within a jurisdiction. It may be that the proximity of a unit to a school, rather than school quality, determines value. Or, capitalization may depend more on structural characteristics such as the size of a house. The neglect of this point has been in large part due to data limitations. Most studies assume, either explicitly or implicitly, that benefits from public services are uniform within jurisdictions. Studies using aggregate data on a jurisdiction or census tract unit of observation focus on the impact of interjurisdictional service differentials on the median-valued house. Such data do not permit an exploration of the interrelationship between housing and public service characteristics. Studies utilizing micro-data relate housing prices to jurisdiction-wide expenditures or quality measures (such as reading scores) to test the capitalization hypothesis. However, these public-sector characteristics are seldom related to individual housing characteristics and there has been little systematic study of the possibility of significant interaction between public-sector and other housing and location characteristics.