The political economy of housing prices: Hedonic pricing with regression discontinuity |
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| Authors: | Eddie DW Sue Wei-Kang Wong |
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| Institution: | 1. Division of Economics, School of Humanities and Social Sciences, Nanyang Technological University, 14 Nanyang Drive, 637332, Singapore;2. Department of Economics, School of Economics and Wang Yanan Institute for Studies in Economics (WISE), Xiamen University, 422 South Siming Road, Xiamen, Fujian, 361005 China;1. Department of Civil Engineering, Zhejiang University, Hangzhou 310058, China;2. Center for Real Estate Studying, Zhejiang University, Hangzhou 310058, China |
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| Abstract: | This paper uses hedonic pricing to empirically estimate the value of publicly provided local goods and services in the constituencies of the ruling party relative to those of the opposition parties. To improve control for omitted variables that change smoothly over space, we use a regression discontinuity design to restrict the sample to houses that are near the electoral boundaries. Using resale market prices of public flats in Singapore, in some cases we find a moderate but highly statistically significant difference in housing prices across the electoral boundaries that separate the constituencies of the ruling party and the opposition parties. |
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