Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Urban Studies and Planning
Making – Or Picking – Winners: Evidence Of Internal And External Price Effects In Historic Preservation Policies, Douglas S. Noonan, Douglas J. Krupka
Making – Or Picking – Winners: Evidence Of Internal And External Price Effects In Historic Preservation Policies, Douglas S. Noonan, Douglas J. Krupka
Douglas S. Noonan
Much has been written identifying property price effects of historic preservation policies. Little attention has been paid to the possible policy endogeneity in hedonic price models. This paper outlines a general case of land use regulation in the presence of externalities and then demonstrates the usefulness of the model in an instrumental-variables estimation of a hedonic price analysis – with an application to historic preservation in Chicago. The theoretical model casts doubt on previous results concerning price effects of preservation policies. The comparative statics identify some determinants of regulation that seem, on the face of it, most unlikely to also …
Determinants Of Historic And Cultural Landmark Designation: Why We Preserve What We Preserve, Douglas S. Noonan, Douglas J. Krupka
Determinants Of Historic And Cultural Landmark Designation: Why We Preserve What We Preserve, Douglas S. Noonan, Douglas J. Krupka
Douglas S. Noonan
There is much interest among cultural economists in assessing the effects of heritage preservation policies. There has been less interest in modeling the policy choices made in historic and cultural landmark preservation. This paper builds an economic model of a landmark designation that highlights the tensions between the interests of owners of cultural amenities and the interests of the neighboring community. We perform empirical tests by estimating a discrete choice model for landmark preservation using data from Chicago, combining the Chicago Historical Resources Survey of over 17,000 historic structures with property sales, Census, and other geographic data. The data allow …