Maintaining Public Goods: The Capitalized Value of Local Park Renovations
研究地方公园特定属性翻新对周边房价的资本化影响，发现翻新效果因公园属性而异，有助于解释为何居民对靠近公园的估值偏低。
This study provides new evidence of the capitalized value of local parks by estimating the impact on surrounding home prices associated with renovations of specific local park attributes. These results shed light on an empirical puzzle in the existing literature that single-family residential homeowners have a surprisingly low valuation associated with living in close proximity to local parks. Using property fixed effects models with time-varying renovations data, we disaggregate the bundle of amenities comprising local parks and find that the capitalization of renovations is heterogeneous and depends on the specific park attributes undergoing renovation. <i></i>