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| Which Measures of School Quality Does
the Housing Market Value? Author: David M. Brasington Start Page: 395 Abstract: This study explores
which measures of public school quality the housing market values. Both a traditional
hedonic house price estimation and a hedonic corrected for spatial autocorrelation are
used. Proficiency tests, expenditure per pupil and the pupil / teacher ratio are
consistently capitalized into housing prices. Teacher salary and student attendance rates
are also valued, but these results are sensitive to the estimation technique employed.
Value-added measures, the graduation rate, teacher experience levels and teacher education
levels are not consistently positively related to housing prices, so researchers should
probably avoid using them as public education quality measures. |
