CAPITALIZATION OF LOCAL AND REGIONAL ATTRIBUTES INTO WAGES AND RENTS: DIFFERENCES ACROSS RESIDENTIAL, COMMERCIAL AND MIXED‐USE COMMUNITIES*
研究地方属性如何资本化为工资和租金，区分住宅、商业和混合用途社区，利用收入动态面板数据估计模型，发现工资和租金在混合社区同时决定，在纯住宅社区则递归决定。
ABSTRACT. The extent to which the value of locational attributes is capitalized into wages rather than rents is analyzed in a general equilibrium framework. This paper differs from earlier work by taking into account local and regional attributes and makes distinctions among residential, commercial, and mixed‐use communities. The theory implies that in localities with both individuals and firms, wages and rents are simultaneously determined, while in exclusively residential localities the model is recursive. The major theoretical insights are consistent with estimations of the model using data from the University of Michigan's Panel Study of Income Dynamics.