We formulate and estimate a new equilibrium model of metropolitan housing markets with housing differentiated by quality. Quality is a latent variable that captures all features of a dwelling and its environment. We estimate the model for Chicago and New York, obtaining hedonic housing price...

Assessing the effectiveness of education by race and gender is as difficult as it is important. We investigate this question utilizing data for eleven cohorts at West Point, a distinguished military academy and highly ranked liberal arts college. Employing matching using entry scores on three...

Fiscal decentralization is on the rise worldwide while barriers to factor and population mobility are declining. Greater decentralized government activity is therefore taking place in an economic environment characterized by increased competition for mobile resources, and government policy...

Quantifying factors giving rise to temporal variation in forest fires is important for advancing scientific understanding and improving fire prevention. We demonstrate that eighty percent of the large year-to-year variation in forest area burned in California can be accounted for by variation in...

Quantifying factors giving rise to temporal variation in forest fires is important for advancing scientific understanding and improving fire prevention. We demonstrate that eighty percent of the large year-to-year variation in forest area burned in California can be accounted for by variation in...

Research over the past several years has led to the development of models characterizing equilibrium in a system of local jurisdictions. An important insight from these models is that plausible single-crossing assumptions about preferences generate strong predictions about the equilibrium...