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Journal Article
Consumer decisionmaking: insights from behavioral economics
The increased complexity of the financial markets has made it difficult for consumers to choose products that best serve their interests. Behavioral economists explore consumers' psychological process in making decisions, such as immediate gratification, overconfidence, inertia or a lack of cognitive ability to understand the costs and benefits of financial services.
Journal Article
Spotlight: Educational opportunity: Does low-income housing tax credit hurt nearby schools?
The largest federal program designed to increase the rental housing supply for poor working families helps them find living space in decent neighborhoods with good schools. It also encounters frequent neighborhood opposition.
Working Paper
An analysis of the neighborhood impacts of a mortgage assistance program: a spatial hedonic model
Down-payment or closing-cost assistance is an effective program in addressing the wealth constraints of low- and moderate-income homebuyers. However, the spillover effect of such programs on the neighborhood is unknown. This paper estimates the impact of the City of Dallas Mortgage Assistance Program (MAP) on nearby home values using a hedonic model of home sales from 1990 to 2006. We define neighborhoods of 1,000 feet around each sale and estimate the average differences in sales prices between neighborhoods with various numbers of MAP properties before and after their appearance. We find ...
Working Paper
The impact of LIHTC program on local schools
The low-income housing tax credit (LIHTC) program has developed over two million rental homes for low-income households since 1986. The perception of deterioration in school quality has been a main reason for community opposition to LIHTC projects in middle-and upper-income areas. In this paper, we examine the impact of LIHTC projects on the nearby school performance. The LIHTC projects tend to have positive and statistically significant impacts on school performance the year they are placed in service and this finding is robust to various specifications. Offsetting these, the one year lag ...