We test competing models of how K-12 public school quality is capitalized into house prices. The value added model proposes that only locationally fixed district-specific factors such as inputs to schooling and the characteristics of student peers are capitalized into house prices. This model...

Communities differ in both the bundle of amenities offered to residents and the implicit price of these amenities. Thus, households are faced with a choice of which bundle to select when they select their residence. This choice implies households make tradeoffs among the amenities; that is, the...