Housing Regulation, Externalities and Residential Property Prices
利用杨百翰大学限制学生居住地的政策作为自然实验，研究数量管制和邻里外部性对住宅价格的影响，发现管制和集聚效应显著推高学生住房价格，而负外部性在非学生社区中差异明显。
This article examines the effects of quantity restrictions on residential property prices in the presence of neighborhood externalities. A Brigham Young University policy limiting students’ location choices provides a natural experiment for studying the externality and quantity restriction effects on property values. A flexible hedonic model is used to control for nonstudent population spatial sorting by type. The estimates show significant positive quantity restriction and student agglomeration effects on student housing prices. There are also significant differences in the negative student externality across nonstudent neighborhoods, with the quantity restriction reinforcing (offsetting) the student price premium (discount) at the boundary.