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

Prop ID：SE-0455097 P I：Smith，V.Kerry组织：北卡罗来纳州立大学标题：博士论文研究：区位一般均衡模型中环境资源的双重市场资本化本论文研究建议基于消费者的区位选择来开发和估计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值可能同时反映在房价和工资率(双重市值)中。这项研究有三个目标：(1)调查环境设施等非市场商品的双重市场资本化的理论和经验意义；(2)推广现有的家庭分类模型，允许相互关联的工作-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的环境设施同时影响劳动力和住房市场的政策产生的一般均衡福利效应。为了实现这些目标，主要调查人员将为加州主要的大都会统计地区开发一个数据库，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、就业机会、通勤时间、犯罪、学校质量、空地和空气质量等空间描述的信息结合在一起。将使用地理信息系统软件将数据合并到具有代表性的“社区”中，如人口普查区域或学区。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，这些分布符合效用最大化和涉及住房和劳动力市场的区位平衡。回收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。结果分析将集中于(1)解释偏好分布和(2)分析公共产品变化在多大程度上通过租金和工资的空间差异揭示消费者福利。智力优势：该理论模型概括了现有理论模型，这些理论模型描述了影响空间划定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，允许土地和劳动力市场与消费者对当地公共产品的估值挂钩。为了检验双重市场资本化的程度，经验模型将明确允许消费者对多种社区属性的相对偏好不同，从而扩展了当前揭示偏好方法中使用的异质性概念。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收益，包括同时影响劳动力市场和环境福利的政策。布罗德影响：这项研究将通过提供有关消费者如何评价非市场产品以及环境和其他改变当地公共产品的政策如何影响消费者的新信息，使社会受益。经验模型的规模和空间分辨率将使研究人员能够通过评估公共政策对特定人口群体的影响来调查公共政策的环境正义。论文还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。研究成果将通过主要研究人员的网站、学术出版物和演示文稿向各种受众传播。

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.