| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25699 |
| 来源ID | Working Paper 25699 |
| Capitalization as a Two-Part Tariff: The Role of Zoning | |
| H. Spencer Banzhaf; Kyle Mangum | |
| 发表日期 | 2019-04-01 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | This paper shows that the capitalization of local amenities is effectively priced into land via a two-part pricing formula: a “ticket” price paid regardless of the amount of housing service consumed and a “slope” price paid per unit of services. We first show theoretically how tickets arise as an extensive margin price when there are binding constraints on the number of households admitted to a neighborhood. We use a large national dataset of housing transactions, property characteristics, and neighborhood attributes to measure the extent to which local amenities are capitalized in ticket prices vis-a-vis slopes. We find that in most U.S. cities, the majority of neighborhood variation in pricing occurs via tickets, although the importance of tickets rises sharply in the stringency of land development regulations, as predicted by theory. We discuss implications of two-part pricing for efficiency and equity in neighborhood sorting equilibria and for empirical estimates of willingness to pay for non marketed amenities, which generally assume proportional pricing only. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Public Economics ; Public Goods ; Subnational Fiscal Issues ; Environmental and Resource Economics ; Environment ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w25699 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583373 |
| 推荐引用方式 GB/T 7714 | H. Spencer Banzhaf,Kyle Mangum. Capitalization as a Two-Part Tariff: The Role of Zoning. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25699.pdf（746KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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