Economic Effects of Racial Integration: An Analysis of Hedonic Housing Prices and the Willingness to Pay |
| |
Authors: | Stuart A Gabriel |
| |
Institution: | Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. |
| |
Abstract: | This study evaluates household economic effects stemming from neighborhood racial integration in Oakland, California. To that end, housing market data are applied to estimate hedonic price and willingness-to-pay functions for neighborhood racial composition. Results of the analysis indicate the problematic nature of the constant willingness-to-pay assumption and suggest this standard method may underestimate the household economic effects of racial integration. The paper concludes with implications for neighborhood integration policy. |
| |
Keywords: | |
|
|