We use a public referendum on a new air traffic concept in Berlin, Germany as a natural experiment to analyze how the interaction of tenure and capitalization effects shapes the outcome of direct democracy processes. We distinguish between homevoters, i.e., voters who are homeowners, and...

This paper investigates the 2001 referendum on the Allianz-Arena, a professional soccer stadium in Munich, Germany, with respect to lifestyle-specific voter preferences. Using political party affiliation and milieu probabilities as proxy variables, we find that lifestyle-specific preferences,...