A central argument in the ongoing discussion about the fates of Fannie Mae and Freddie Mac is the importance of the 30-year, fixed-rate, prepayable mortgage (FRM). The FRM has been held up as the gold standard in mortgage instrument design and as an essential element of the U.S. housing-finance...

The main purpose of this paper has been to present an alternative approach to estimating individual demand for a local public good; in this case, education. Most empirical studies of the private demand for public goods utilize the median voter framework for preference aggregation to justify the...