教育质量“资本化”对住房价格的影响——基于成都市武侯区小学学区房的实证分析

近年来,随着国家“就近入学”政策的不断深化和家长对优质教育质量的持续诉求,“以房择校”成为家庭教育投资的新特点.本文基于成都市武侯区二手房的截面数据,构建特征价格模型,通过实证分析得出两个结论:一是教育质量的“资本化”已经部分体现在住房出售价格上,但对租金影响并不明显.二是教育质量的差异导致了学区房溢价呈现片区化的差距.此外,入学资格逐渐成为衡量家庭整体幸福感和核心竞争力的重要指标.而学区房背后隐含的其实是“阶层固化”的社会结构的板结和“富者越富,贫者越贫”的马太效应的加剧.     

The Impact of Unemployment Insurance on the Job Match Quality: A Quantile Regression Approach

This paper investigates the impact of unemployment insurance (UI) generosity on the distribution of the match starting wage and tenure. We show evidence of a positive shift in the location (mean) and scale (variance) of both variables: more generous UI increases expected starting wage and tenure, and this impact is greater at the highest quantiles. In this sense, more generous UI reduces the thickness of the lower tail of match quality (shorter and lower paid jobs), and, at the same time, increases the quality of matches available to all workers (the location effect on match duration and wages). These results can be seen as favorable evidence of match quality gains from UI generosity.The authors would like to thank Pedro Portugal, José A. F. Machado, Francisco Lima and an anonymous referee for helpful comments and discussions, as well as participants at the following conferences: ESPE – Paris, EEA – Amsterdam, LACEA – Paris and IV Brucchi Luchino – Milan. We are also grateful to Marianne Bertrand for providing a file used to construct the simulated unemployment insurance benefits. Opinions expressed herein do not necessarily reflect the views of the Banco de Portugal.     

Home versus School Learning: A New Approach to Estimating the Effect of Class Size on Achievement

The effects of class size on scholastic achievement are estimated using a seasonal feature of the school system. The fact that schools are in session during the school year and out of session during the summer makes it possible to control for non‐school influences on both the level of and changes in achievement. Using Swedish data, smaller classes are found to generate higher test scores and this effect is larger for immigrants. The results are also compared with those from applying the same data to the widely used value‐added model.     

The Amenity Value of English Nature: A Hedonic Price Approach

Using a hedonic property price approach, we estimate the amenity value associated with proximity to habitats, designated areas, domestic gardens and other natural amenities in England. There is a long tradition of studies looking at the effect of environmental amenities and disamenities on property prices. But, to our knowledge, this is the first nationwide study of the value of proximity to a large number of natural amenities in England. We analysed 1 million housing transactions over 1996–2008 and considered a large number of environmental characteristics. Results reveal that the effects of many of these environmental variables are highly statistically significant, and are quite large in economic magnitude. Gardens, green space and areas of water within the census ward all attract a considerable positive price premium. There is also a strong positive effect from freshwater and flood plain locations, broadleaved woodland, coniferous woodland and enclosed farmland. Increasing distance to natural amenities such as rivers, National Parks and National Trust sites is unambiguously associated with a fall in house prices. Our preferred regression specifications control for unobserved labour market and other geographical factors using Travel to Work Area fixed effects, and the estimates are fairly insensitive to changes in specification and sample. This provides some reassurance that the hedonic price results provide a useful representation of the values attached to proximity to environmental amenities in England. Overall, we conclude that the housing market in England reveals substantial amenity value attached to a number of habitats, designations, private gardens and local environmental amenities.     

A Nonparametric Revealed Preference Approach to Measuring the Value of Environmental Quality

We develop an approach to valuing non-market goods using nonparametric revealed preference analysis. We show how nonparametric methods can also be used to bound the welfare effects of changes in the provision of a non-market good. Our main context is one in which the non-market good affects the marginal utility of consuming a related market good. This can also be framed as a shift in the taste for, or quality of, the market good. A systematic approach for incorporating quality/taste variation into a revealed preference framework for heterogeneous consumers is developed. This enables the recovery of the minimal variation in quality required to rationalise observed choices of related market goods. The variation in quality appears as a adjustment to the price for related market goods which then allows a revealed preference approach to bounding compensation measures of welfare effects to be applied.     

The Idiosyncratic Risk-Return Relation: A Quantile Regression Approach Based on the Prospect Theory

Given some debate on the empirical idiosyncratic risk-return relation in the literature, we reexamine the relation using a quantile regression approach based on the prospect theory developed by Kahneman and Tversky [1979]. The quantile regression approach allows the coefficient on the independent variable (idiosyncratic risk) to vary across the distribution of the dependent variable (return). Our sample consists of stocks traded on the NYSE, AMEX, and NASDAQ during 1980–2010: 80,324 firm-year observations and 8,123 firms in total. The quantile regression results show that idiosyncratic risk is positively (negatively) related to returns at the high (low) quantiles of returns. The findings are consistent with the prospect theory that investors have a tendency to be less (more) willing to gamble with profits (losses). The results also demonstrate that the least-squares and least-sum optimization methods commonly used in prior research do not capture the relations between idiosyncratic risk and returns at the tail parts of the distribution of returns. Therefore, our empirical results provide new insights into the idiosyncratic risk-return relation in the literature.     

当代经济的"二分法":基于经济虚拟化的思考

文章基于经济虚拟化趋势和对经济学二分法思考的基础上,将当代经济看成是一个价值系统,并将其二分为实体经济与虚拟经济.然后运用理论演绎与实证分析相结合的方法论述经济虚拟化的过程,验证了经济运行方式与以前存在的显著差异,虚拟经济与实体经济呈两个独立统一的经济系统而存在:实体经济是由成本与技术支撑的价值系统,虚拟经济是由心理和观念支撑的价值系统.对当代经济二分法论证的重要意义在于解释当代经济稳定的核心是虚拟经济的稳定,从而为经济系统风险监管及经济增长模式等制度上的选择提供理论基础.同时,文章从侧面回答了"什么是虚拟经济"和"金融与虚拟经济的关系"以及虚拟经济的理论出发点,这几个国内理论界一直莫衷一是的理论命题.     

解释中国农村区域间的收入不平等:一种基于回归方程的分解方法

本文提出了一个分解不平等的框架 ,在这一框架中 ,诸如收入之类的因变量的不平等可以分解为相关的回归方程中自变量或代理变量的贡献。本文所提出的分析框架可以被运用于分解任何不平等指标 ,并且对回归模型的限制条件也不多。通过将Box Cox和Box Tidwel收入决定函数结合起来的方式 ,本文定量分析了导致中国农村地区间收入不平等的根源     

School Choice with General Constraints: A Market Design Approach for the Nursery School Waiting List Problem in Japan

This study considers a school choice problem with general feasibility constraints. Each student belongs to a grade; and 2 students belonging to the same grade are symmetric, whereas those belonging to different grades can be asymmetric with respect to the feasibility constraint of a school. We introduce five requirements of a matching and a polynomial‐time algorithm to derive a matching satisfying them. Because the algorithm is inspired by the nursery school system of Yokohama City, we introduce the system and compare it with the algorithm of this study.