{
 "record_id": "05133875334147dc5ac7d37a0479720642327db6",
 "eligible": true,
 "exclusion_reason": null,
 "study": {
  "title": "Market Frictions, Arbitrage, and the Capitalization of Amenities",
  "year": 2019,
  "doi": "10.3386/w25701",
  "country": "United States",
  "region_city": "Chicago metropolitan area (14 counties; 6,400+ neighbourhoods/block groups)",
  "sample_start": 2005,
  "sample_end": 2012,
  "property_type": "unknown",
  "price_type": "transaction",
  "data_source": "CoreLogic deeds records (14 county recording offices, Chicago MSA, 2005-2014) matched to HMDA, Census/ACS, Illinois/Indiana/Wisconsin school test scores, geocoded criminal offenses",
  "document_type": "working_paper",
  "estimators": [
   "OLS"
  ],
  "spatial_method": "none",
  "time_fe": false,
  "location_fe": false,
  "se_type": "unknown",
  "n_obs_total": 37564,
  "ai_methods": [],
  "notes": "FLAG FOR HUMAN REVIEW: price regressions (Table 2 col 1, Table 3 cols 1-3) are at the neighbourhood (block group) x year level: log(Transaction Price_jt) regressed on neighbourhood amenities (median income, racial shares, school test scores, crime) and median structural characteristics (median year built, median number of rooms). Not a unit-level hedonic model. Table 1 (dependent = utility / trading-opportunity index) and Table 2 cols 2-3 are structural-model objects and are not extracted. Table 3 cols 2-3 add the standardized trading-opportunities index r, expectations E(V) and credit controls (not extracted as hedonic variables). Standard errors in parentheses; stars * p<0.1, ** p<0.05, *** p<0.01; SE type not stated for these tables. Test score x year interactions in Table 2 are year-specific school-quality gradients (2005-2012). Observations 37,564 (Table 2 col 1, Table 3)."
 },
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   "estimator": "OLS",
   "n_obs": 37564,
   "r2": 0.793,
   "se_or_t_in_parentheses": "se",
   "sample_subset": "neighbourhood x year panel; test scores interacted with year dummies; adj R2 0.754; residual SE 0.358 (df=31574)"
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   "se_or_t_in_parentheses": "se",
   "sample_subset": "baseline price-amenity regression; adj R2 0.728"
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   "model_id": "T3-c2",
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   "estimator": "OLS",
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   "r2": 0.788,
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   "sample_subset": "adds standardized trading-opportunities index r and E(V); adj R2 0.747"
  },
  {
   "model_id": "T3-c3",
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   "se_or_t_in_parentheses": "se",
   "sample_subset": "adds r interacted with log balance, approval rates, log interest cost, plus credit controls; adj R2 0.814"
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   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "share",
   "beta": -0.265,
   "se": 0.058,
   "t": null,
   "p": null,
   "p_stars": "***",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Indiana school letter grade share; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c2",
   "var_name_printed": "Share of Schools with D (IN)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "share",
   "beta": -0.061,
   "se": 0.067,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Indiana school letter grade share; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c2",
   "var_name_printed": "Share of Schools with F (IN)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "share",
   "beta": 0.141,
   "se": 0.133,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Indiana school letter grade share; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c2",
   "var_name_printed": "Median Test Score (WI)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "score",
   "beta": -0.557,
   "se": 1.239,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Wisconsin median test score; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c2",
   "var_name_printed": "Median Year Structure Built",
   "taxonomy_id": "age",
   "x_transform": "level",
   "x_unit": "years",
   "beta": 0.002,
   "se": 0.001,
   "t": null,
   "p": null,
   "p_stars": "***",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "neighbourhood median year built (higher = newer); conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c2",
   "var_name_printed": "Median Number of Rooms",
   "taxonomy_id": "bedrooms",
   "x_transform": "level",
   "x_unit": "count",
   "beta": 0.002,
   "se": 0.011,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "neighbourhood median number of rooms; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c2",
   "var_name_printed": "log(Offenses per Capita)",
   "taxonomy_id": "crime",
   "x_transform": "log",
   "x_unit": "rate",
   "beta": -3.338,
   "se": 0.664,
   "t": null,
   "p": null,
   "p_stars": "***",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "geocoded criminal offenses per capita (log); conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "log(Median Household Income)",
   "taxonomy_id": "income",
   "x_transform": "log",
   "x_unit": "currency",
   "beta": 0.005,
   "se": 0.015,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "neighbourhood median household income (log); conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Frac. Black",
   "taxonomy_id": "demographics",
   "x_transform": "level",
   "x_unit": "share",
   "beta": -0.106,
   "se": 0.057,
   "t": null,
   "p": null,
   "p_stars": "*",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "share of Black residents; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Frac. Hispanic",
   "taxonomy_id": "demographics",
   "x_transform": "level",
   "x_unit": "share",
   "beta": -0.081,
   "se": 0.042,
   "t": null,
   "p": null,
   "p_stars": "*",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "share of Hispanic residents; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Frac. Asian",
   "taxonomy_id": "demographics",
   "x_transform": "level",
   "x_unit": "share",
   "beta": -0.18,
   "se": 0.066,
   "t": null,
   "p": null,
   "p_stars": "***",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "share of Asian residents; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Mean Test Score (IL)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "score",
   "beta": 0.004,
   "se": 0.005,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "standardized Illinois mean school test score; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Share of Schools with B (IN)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "share",
   "beta": 0.006,
   "se": 0.051,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Indiana school letter grade share; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Share of Schools with C (IN)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "share",
   "beta": -0.161,
   "se": 0.045,
   "t": null,
   "p": null,
   "p_stars": "***",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Indiana school letter grade share; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Share of Schools with D (IN)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "share",
   "beta": -0.056,
   "se": 0.055,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Indiana school letter grade share; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Share of Schools with F (IN)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "share",
   "beta": -0.039,
   "se": 0.124,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Indiana school letter grade share; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Median Test Score (WI)",
   "taxonomy_id": "school_quality",
   "x_transform": "level",
   "x_unit": "score",
   "beta": -0.175,
   "se": 1.047,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "Wisconsin median test score; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Median Year Structure Built",
   "taxonomy_id": "age",
   "x_transform": "level",
   "x_unit": "years",
   "beta": 0.001,
   "se": 0.001,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "neighbourhood median year built (higher = newer); conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "Median Number of Rooms",
   "taxonomy_id": "bedrooms",
   "x_transform": "level",
   "x_unit": "count",
   "beta": 0.011,
   "se": 0.008,
   "t": null,
   "p": null,
   "p_stars": "",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "neighbourhood median number of rooms; conditional on trading-opportunities index and expectations"
  },
  {
   "model_id": "T3-c3",
   "var_name_printed": "log(Offenses per Capita)",
   "taxonomy_id": "crime",
   "x_transform": "log",
   "x_unit": "rate",
   "beta": -2.329,
   "se": 0.549,
   "t": null,
   "p": null,
   "p_stars": "***",
   "ci_lo": null,
   "ci_hi": null,
   "page": 45,
   "confidence": "high",
   "notes": "geocoded criminal offenses per capita (log); conditional on trading-opportunities index and expectations"
  }
 ]
}