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Golf Courses in Maricopa County: An Application of the Hedonic Pricing Method

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This study estimates the capitalization effect of golf courses in Maricopa County using the hedonic pricing method. It draws upon a dataset of 574,989 residential transactions from 2000 to 2006 to examine how the aesthetic, non-golf benefits of golf courses

This study estimates the capitalization effect of golf courses in Maricopa County using the hedonic pricing method. It draws upon a dataset of 574,989 residential transactions from 2000 to 2006 to examine how the aesthetic, non-golf benefits of golf courses capitalize across a gradient of proximity measures. The measures for amenity value extend beyond home adjacency and include considerations for homes within a range of discrete walkability buffers of golf courses. The models also distinguish between public and private golf courses as a proxy for the level of golf course access perceived by non-golfers. Unobserved spatial characteristics of the neighborhoods around golf courses are controlled for by increasing the extent of spatial fixed effects from city, to census tract, and finally to 2000 meter golf course ‘neighborhoods.’ The estimation results support two primary conclusions. First, golf course proximity is found to be highly valued for adjacent homes and homes up to 50 meters way from a course, still evident but minimal between 50 and 150 meters, and insignificant at all other distance ranges. Second, private golf courses do not command a higher proximity premia compared to public courses with the exception of homes within 25 to 50 meters of a course, indicating that the non-golf benefits of courses capitalize similarly, regardless of course type. The results of this study motivate further investigation into golf course features that signal access or add value to homes in the range of capitalization, particularly for near-adjacent homes between 50 and 150 meters thought previously not to capitalize.

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2018-05

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Linear Modeling for Insurance Ratemaking/Reserving: Modeling Loss Development Factors for Catastrophe Claims

Description

Catastrophe events occur rather infrequently, but upon their occurrence, can lead to colossal losses for insurance companies. Due to their size and volatility, catastrophe losses are often treated separately from other insurance losses. In fact, many property and casualty insurance

Catastrophe events occur rather infrequently, but upon their occurrence, can lead to colossal losses for insurance companies. Due to their size and volatility, catastrophe losses are often treated separately from other insurance losses. In fact, many property and casualty insurance companies feature a department or team which focuses solely on modeling catastrophes. Setting reserves for catastrophe losses is difficult due to their unpredictable and often long-tailed nature. Determining loss development factors (LDFs) to estimate the ultimate loss amounts for catastrophe events is one method for setting reserves. In an attempt to aid Company XYZ set more accurate reserves, the research conducted focuses on estimating LDFs for catastrophes which have already occurred and have been settled. Furthermore, the research describes the process used to build a linear model in R to estimate LDFs for Company XYZ's closed catastrophe claims from 2001 \u2014 2016. This linear model was used to predict a catastrophe's LDFs based on the age in weeks of the catastrophe during the first year. Back testing was also performed, as was the comparison between the estimated ultimate losses and actual losses. Future research consideration was proposed.

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2018-05

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Temporal and Spatial Aggregation Effects on Environmental Economic Studies

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We examine the bias resulting from temporal and spatial aggregation of weather variables in environmental economics. In order to include temporally and/or spatially continuous environmental variables (such as temperature and precipitation), many studies discritize them. The finer the scale of

We examine the bias resulting from temporal and spatial aggregation of weather variables in environmental economics. In order to include temporally and/or spatially continuous environmental variables (such as temperature and precipitation), many studies discritize them. The finer the scale of discrization chosen, the more difficult it can be to obtain a complete and reliable data set. Studies performed at very fine scales often find tighter and more dramatic relationships between variables such as temperature and income per capita. We examine this question by repeating the same empirical study at various temporal and spatial scales and comparing the resulting parameter estimates.

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Date Created
2016-05

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Expanding the Implicit Social Safety Net: Estimations of Labor Supply Responses to State-Level Earned Income Tax Credit Reform

Description

According to the Tax Policy Center, a joint project of the Brookings Institution and Urban Institute, the Earned Income Tax Credit (EITC) will provide 26 million households with 60 billion dollars of reduced taxes and refunds in 2015 \u2014 resources

According to the Tax Policy Center, a joint project of the Brookings Institution and Urban Institute, the Earned Income Tax Credit (EITC) will provide 26 million households with 60 billion dollars of reduced taxes and refunds in 2015 \u2014 resources that serve to lift millions of families above the federal poverty line. Responding to the popularity of EITC programs and recent discussion of its expansion for childless adults, I select three comparative case studies of state-level EITC reform from 2005 to 2013. Each state represents a different kind of policy reform: the creation of a supplemental credit in Connecticut, credit reduction in New Jersey, and finally credit expansion for childless adults in Maryland. For each case study, I use Current Population Survey panel data from the March Supplement to complete a differences-in-differences (DD) analysis of EITC policy changes. Specifically, I analyze effects of policy reform on total earned income, employment and usual hours worked. For comparison groups, I construct unique counterfactual populations of northeastern U.S. states, using people of color with less than a college degree as my treatment group for their increased sensitivity to EITC policy reform. I find no statistically significant effects of policy creation in Connecticut, significant decreases in employment and hours worked in New Jersey, and finally, significant increases in earnings and hours worked in Maryland. My work supports the findings of other empirical work, suggesting that awareness of new supplemental EITC programs is critical to their effectiveness while demonstrating that these types of programs can affect the labor supply and outcomes of eligible groups.

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2015-05

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District Wealth and Arizona School Voucher Program Participation

Description

This study estimates the effect of district wealth on Arizona Empowerment Scholarship Account program participation using data from the Arizona Department of Education. We find that students from poor districts are not more likely to participate as school performance

This study estimates the effect of district wealth on Arizona Empowerment Scholarship Account program participation using data from the Arizona Department of Education. We find that students from poor districts are not more likely to participate as school performance decreases.Conversely, those from wealthy districts do increase participation as school performance decreases. We briefly try to explain the observed heterogeneity through survey results and commenting on the program design.

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Date Created
2021-05

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Homeward Bound: An Overview of Continuing Care at Home

Description

AARP estimates that 90% of seniors wish to remain in their homes during retirement. Seniors need assistance as they age, historically they have received assistance from either family members, nursing homes, or Continuing Care Retirement Communities. For seniors not wanting

AARP estimates that 90% of seniors wish to remain in their homes during retirement. Seniors need assistance as they age, historically they have received assistance from either family members, nursing homes, or Continuing Care Retirement Communities. For seniors not wanting any of these options, there has been very few alternatives. Now, the emergence of the continuing care at home program is providing hope for a different method of elder care moving forward. CCaH programs offer services such as: skilled nursing care, care coordination, emergency response systems, aid with personal and health care, and transportation. Such services allow seniors to continue to live in their own home with assistance as their health deteriorates over time. Currently, only 30 CCaH programs exist. With the growth of the elderly population in the coming years, this model seems poised for growth.

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Date Created
2019-05