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A. Mitchell Polinsky & Steven Shavell, Amenities and Property Values in a Model of an Urban Area, 5 J. Pub. Econ. 119 (1976).

Abstract: The dependence of property values on a schedule of ‘amenities’ is examined in the case of a ‘small’ and ‘open’ city and in the case of a ‘closed’ city. Questions concerned with the predictability and interpretation of changes in equilibrium property values following an improvement in amenities are considered in these cases. The problem of identifying the implicit demand for amenities from a single equilibrium rent schedule is also addressed.