学校社会氛围信息的价值：来自芝加哥住房交易的证据

中文摘要

教育机构日益普遍地测量并公布社会氛围指标。本文利用芝加哥学校信息一次貌似外生的冲击，考察社会氛围信息如何资本化进入住房市场并影响购房者分选。利用边界断点、事件研究和双重差分设计，我发现公开披露提高了被划入社会氛围评级较好学校的住房价格，并有提示性证据表明，较高收入家庭更倾向于分选进入这些住房。第二次公众关注度较低的信息披露产生的价格资本化效应较弱，但在较高收入家庭中引发了显著反应，表明不同群体在信息获取上存在差异。这些发现提供了显示性偏好证据，表明家庭重视学校社会氛围的质量。(JEL D83, H75, I21, I28, J13, J45, J81)

Abstract

Educational institutions increasingly measure and publish indicators of social climate. I exploit a plausibly exogenous shock of Chicago school information to examine how social climate information is capitalized into housing markets and affects homebuyer sorting. Using border discontinuities, event studies, and difference-in-differences designs, I find public disclosure raises prices for homes assigned to schools with better climate ratings, with suggestive evidence that higher-income families sort into these homes. A second, less publicized disclosure produced weaker price capitalization but significant responses among higher-income households, suggesting differences in access to information. The findings provide revealed-preference evidence that families value school climate quality. (JEL D83, H75, I21, I28, J13, J45, J81)