{"title":"Historic Amenities and Housing Externalities: Evidence from the Netherlands","authors":"Hans R.A. Koster, Jan Rouwendal","doi":"10.1111/ecoj.12477","DOIUrl":null,"url":null,"abstract":"<p>We study the economic effects of public investments in historic amenities by looking at their impact on house prices. We distinguish between direct and indirect effects of investments. A nationwide housing transaction is used as well as data on investments in cultural heritage. A 1 million euro per square kilometre increase in investments in cultural heritage leads to a price increase of 1.5–3.0% of non-targeted buildings. We do not find evidence that the maintenance state of non-eligible properties is improved, suggesting that any price effect due to investments in cultural heritage is a direct effect of investments.</p>","PeriodicalId":48448,"journal":{"name":"Economic Journal","volume":"127 605","pages":"F396-F420"},"PeriodicalIF":3.8000,"publicationDate":"2017-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1111/ecoj.12477","citationCount":"46","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Journal","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/ecoj.12477","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 46
Abstract
We study the economic effects of public investments in historic amenities by looking at their impact on house prices. We distinguish between direct and indirect effects of investments. A nationwide housing transaction is used as well as data on investments in cultural heritage. A 1 million euro per square kilometre increase in investments in cultural heritage leads to a price increase of 1.5–3.0% of non-targeted buildings. We do not find evidence that the maintenance state of non-eligible properties is improved, suggesting that any price effect due to investments in cultural heritage is a direct effect of investments.
期刊介绍：
The Economic Journal is the Royal Economic Society''s flagship title, and is one of the founding journals of modern economics. Over the past 125 years the journal has provided a platform for high quality and imaginative economic research, earning a worldwide reputation excellence as a general journal publishing papers in all fields of economics for a broad international readership. It is invaluable to anyone with an active interest in economic issues and is a key source for professional economists in higher education, business, government and the financial sector who want to keep abreast of current thinking in economics.
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