Which School Attributes Matter? The Influence of School District Performance and Demographic Composition on Property Values

Increasing levels of segregation in American schools raises the question: do home buyers pay for test scores or demographic composition? This paper uses Connecticut panel data spanning eleven years from 1994 to 2004 to ascertain the relationship between property values and explanatory variables that include school district performance and demographic attributes, such as racial and ethnic composition of the student body. Town and census tract fixed effects are included to control for neighborhood unobservables. The effect of changes in school district attributes is also examined over a decade long time frame in order to focus on the effect of long run changes, which are more likely to be capitalized into prices. The study finds strong evidence that increases in percent Hispanic has a negative effect on housing prices in Connecticut, but mixed evidence concerning the impact of test scores on property values. Evidence is also found to suggest that student test scores have increased in importance for explaining housing prices in recent years while the importance of percent Hispanic has declined. Finally, the study finds that estimates of property tax capitalization increase substantially when the analysis focuses on long run changes.

Private Property, Public Use, and Just Compensation: The Economics of Eminent Domain

The eminent domain clause of the U.S. Constitution concerns the limits of the government's right to take private property for public use. The economic literature on this issue has examined (1) the proper scope of this power as embodied by the 'public use' requirement, (2) the appropriate definition, and implications, of 'just compensation,' and (3) the impact of eminent domain on land use incentives of owners whose land is subject to a taking risk. This essay reviews this literature and draws implications for our understanding of eminent domain law.

On the Density and the Volume Density Property

This article gives a short introduction into the notions of density property (DP) and volume density property (VDP). Moreover we develop an effective criterion of verifying whether a given X has VDP. As an application of this method we give a new proof of the basic fact that the product of two Stein manifolds with VDP admits VDP.

The algebraic density property for affine toric varieties

In this paper we generalize the algebraic density property to not necessarily smooth affine varieties relative to some closed subvariety containing the singular locus. This property implies the remarkable approximation results for holomorphic automorphisms of the Andersén–Lempert theory. We show that an affine toric variety X satisfies this algebraic density property relative to a closed T-invariant subvariety Y if and only if X∖Y≠TX∖Y≠T. For toric surfaces we are able to classify those which possess a strong version of the algebraic density property (relative to the singular locus). The main ingredient in this classification is our proof of an equivariant version of Brunella's famous classification of complete algebraic vector fields in the affine plane.