# How big is the effect of per-student school expenditures on local housing values? Let HPRICE be the.

How big is the effect of per-student school
expenditures on local housing values? Let HPRICE be the median housing price in
a school district and let EXPEND be per-student expenditures. Using panel data
for the years 1992, 1994, and 1996, we postulate the model

where POLICEit is per capita police
expenditures, MEDINCit is median income, and PROPTAXit is the property tax
rate; l denotes natural logarithm. Expenditures and housing price are
simultaneously determined because the value of homes directly affects the
revenues available for funding schools. Suppose that, in 1994, the way

How big is the effect of per-student school
expenditures on local housing values? Let HPRICE be the median housing price in
a school district and let EXPEND be per-student expenditures. Using panel data
for the years 1992, 1994, and 1996, we postulate the model

where POLICEit is per capita police
expenditures, MEDINCit is median income, and PROPTAXit is the property tax
rate; l denotes natural logarithm. Expenditures and housing price are
simultaneously determined because the value of homes directly affects the
revenues available for funding schools. Suppose that, in 1994, the way schools
were funded was drastically changed: rather than being raised by local property
taxes, school funding was largely determined at the state level. Let
lSTATEALLit denote the log of the state allocation for district i in year t,
which is exogenous in the preceding equation, once we control for expenditures
and a district fixed effect. How would you estimate the bj ?

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