Searching for Goldilocks: The Distance‐Based Capitalization Effects of Local Public Services
研究了消防、警察和急救三种公共服务距离对住宅价值的影响，发现存在非线性资本化效应，即服务站点既带来便利也带来不便，对房地产和公共政策研究者有参考价值。
This article empirically models the effect of distance on residential property values of three different types of services, fire, police and emergency medical services. Interesting economic trade‐offs emerge as service station proximity provides both amenity and disamenity effects. Using over three million home sales from the state of Florida along with two different measures of distance, this study provides evidence of nonlinear capitalization effects on local housing values. A difference‐in‐difference model utilizing new facility construction provides corroborating evidence of these findings.