Land Value Capitalization in Local Public Finance
探讨了地方公共品项目的福利收益何时会资本化为土地价值，发现了两类充分条件（相似社区和差异化社区），并分析了资本化形式的差异及无资本化的情况。
We explore the conditions under which the welfare benefits of local public goods projects will be capitalized into land values. We find two types of sufficient conditions, one involving similar communities and the other involving differentiated communities. The form of capitalization differs between these cases, and we explore the nature of these differences. We also examine intermediate cases and identify models in which there will be no capitalization.