Paying for Primary Schools: Admission Constraints, School Popularity or Congestion?
通过三种理论模型（入学限制、学校受欢迎程度、拥挤效应）分析学校质量如何资本化到房价中，发现考试成绩显著提升房价，但仅排名前10%的学校附近房价更高，且受欢迎且超负荷的学校附近房价也更高，证据更支持学校受欢迎程度模型。
School quality is capitalised in house prices if access to schools is rationed by residential location. We generate empirical predictions from three different theoretical approaches linking house prices to school performance, distance to school and capacity. These are respectively based upon admission constraints, school popularity and congestion effects. We find that test-score-based school performance significantly increases property prices, but only the best one in ten schools generate higher than average prices close by, and that prices are higher close to popular, over-capacity schools. We conclude that the empirical evidence is more in line with the school popularity model. Copyright 2006 Royal Economic Society.