Popular wisdom and economic research suggest that the quality of the neighborhood school should be an important determinant of housing values. Many researchers have found that housing values are higher where school spending or student test scores are higher. However, few economists consider...

A substantial literature indicates that the public school system in the United States is inefficient. Some have posited that this inefficiency arises from a lack of competition in the education market. On the other hand, the Tiebout hypothesis suggests that public schools may already face...