Doctoral Dissertation Research: Dual Market Capitalization of Environmental Resources in a Locational General Equilibrium Model

博士论文研究：区位一般均衡模型中环境资源的双重市值

• 批准号: 0455097
• 负责人: V. Kerry Smith
• 金额: $ 0.76万
• 依托单位: North Carolina State University
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2005
• 资助国家: 美国
• 起止时间: 2005-02-15 至 2006-01-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=0455097&HistoricalAwards=false
• 关键词: Doctoral; Dissertation; Research; Dual; Market

ABSTRACTProp ID: SES-0455097 P I: Smith, V. Kerry Organization: North Carolina State University Title: Doctoral Dissertation Research: Dual Market Capitalization of Environmental Resources in a Locational General Equilibrium Model This dissertation research proposes to develop and estimate a general equilibrium model of housing and labor markets based on consumers' locational choices. The framework recognizes the prospect that consumers' valuation of non-market goods may be reflected in both house prices and wage rates (dual-market capitalization). The research has three objectives: (1) to investigate the theoretical and empirical significance of dual-market capitalization for non-market goods such as environmental amenities; (2) to generalize existing models of household sorting to allow an interrelated job-house choice and to allow consumers to differ in their relative preferences for multiple public goods; (3) to develop a model that can calculate general equilibrium welfare effects arising from a policy which simultaneously affects labor and housing markets through spatially differentiated environmental amenities. To meet the objectives the principal investigators will develop a database for California's major Metropolitan Statistical Areas that combines information on the sale prices for residential properties and characteristics (including location) with spatially delineated information on wages, job opportunities, commuting time, crime, school quality, open space, and air quality. GIS software will be used to merge the data into representative "communities," such as census tracts or school districts. The computational model will use these data to recover estimates for the distributions of preferences for multiple public goods (including environmental amenities) that are consistent with maximization of utility and a locational equilibrium involving housing and labor markets. The recovered preference distributions will then be used to simulate the effects of public policies on wages, land rents, and consumer welfare. Analysis of results will focus on (1) interpreting the preference distributions and (2) analyzing the extent to which consumer welfare from changes in public goods is revealed through spatial variation in rents and wages.Intellectual Merit: The theoretical model generalizes the existing theoretical models that describe the factors influencing the capitalization of spatially delineated public goods. This is accomplished by extending sorting models to allow markets for both land and labor to be linked with consumers' valuation of local public goods. To test the extent of dual-market capitalization, the empirical model will explicitly allow consumers to differ in their relative preferences for multiple community attributes, expanding the notion of heterogeneity used in current revealed preference approaches. The resulting general equilibrium model of household sorting will incorporate the labor market, generalizing existing locational equilibrium models. The model will be suitable for calculating benefits from an array of public policies, including policies that affect both labor markets and environmental amenities.Broader Impacts: This research will benefit society by providing new information about how consumers value non-market goods and how environmental and other policies that alter local public goods affect consumers. The scale and spatial resolution of the empirical model will allow researchers to investigate the environmental justice of a public policy by assessing its impacts on particular demographic groups. The dissertation will also enhance the infrastructure for research and education by developing a set of computational algorithms for solving locational equilibrium models. These algorithms will be written in a standard programming language (e.g. Matlab) and made freely available on the internet. Research results will be disseminated through the principal investigators' websites, academic publications, and presentations to a variety of audiences.

摘要Prop ID： SES-0455097 P I： 史密斯，V.克里组织： 北卡罗来纳州州立大学 博士论文研究：环境资源的双重市场资本化--基于消费者区位选择的一般均衡模型本论文的研究旨在建立和估计一个基于消费者区位选择的住房和劳动力市场的一般均衡模型。该框架认识到消费者对非市场商品的估价可能反映在房价和工资率（双重市场资本化）中的前景。本研究有三个目的：（1）探讨双市场资本化对非市场商品（如环境设施）的理论和实证意义;（2）推广现有的家庭分类模型，允许相关的工作-房屋选择，并允许消费者对多种公共产品的相对偏好不同;（3）开发一个模型，可以计算通过空间差异化的环境设施同时影响劳动力和住房市场的政策所产生的一般均衡福利效应。 为了实现这些目标，主要研究人员将为加州的主要大都市统计区开发一个数据库，该数据库将住宅物业的销售价格和特征（包括位置）的信息与工资、工作机会、通勤时间、犯罪、学校质量、开放空间和空气质量的空间划分信息相结合。地理信息系统软件将用于将数据合并到具有代表性的“社区”，如人口普查区或学区。 计算模型将使用这些数据来恢复对多种公共产品（包括环境设施）的偏好分布的估计，这些偏好分布与效用最大化和涉及住房和劳动力市场的区位均衡一致。然后，恢复的偏好分布将被用来模拟公共政策对工资，地租和消费者福利的影响。分析结果的重点是（1）解释偏好分布，（2）分析公共产品变化对消费者福利的影响程度，通过租金和工资的空间变化来揭示。智力价值：理论模型概括了现有的理论模型，这些模型描述了影响空间划分的公共产品资本化的因素。这是通过扩展分类模型来实现的，以允许土地和劳动力市场与消费者对当地公共产品的估价相联系。为了测试双市场资本化的程度，实证模型将明确允许消费者在他们的相对偏好不同的多个社区属性，扩大了异质性的概念，在目前使用的显示偏好的方法。由此产生的家庭分类的一般均衡模型将纳入劳动力市场，推广现有的区位均衡模型。该模型将适用于计算一系列公共政策的效益，包括影响劳动力市场和环境设施的政策。更广泛的影响：这项研究将通过提供有关消费者如何评价非市场商品以及环境和其他政策如何改变当地公共产品影响消费者的新信息，使社会受益。实证模型的规模和空间分辨率将使研究人员能够通过评估其对特定人口群体的影响来调查公共政策的环境正义。本论文也将通过开发一套求解区位均衡模型的计算算法来加强研究和教育的基础设施。 这些算法将用标准编程语言（例如Matlab）编写，并在互联网上免费提供。研究结果将通过主要研究者的网站、学术出版物和演示文稿向各种受众传播。