N RECENT YEARS, public and professional interest in schools has been heightened by a spate of reports, many of them critical of current school policy.' These policy documents have added to persistent and long-standing concerns about the cost, effectiveness, and fairness of the current school structure, and have made schooling once again a serious public issue. As in the past, however, any renewed interest in education is likely to be short-lived, doomed to dissipate as frustration over the inability of policy to improve school practice sets in. This frustration about school policy relates directly to knowledge about the educational production process and in turn to underlying research on schools. Although the educational process has been extensively researched, clear policy prescriptions flowing from this research have been difficult to derive.2 There exists, however, a consistency to the research findings that does have an immediate application to school policy: Schools differ dramatically in "quality,"

https://www.jstor.org/stable/pdfplus/2725865.pdf

The Economics of Schooling: Production and Efficiency in Public Schools.

The relationship between school resources and student achievement has been controversial, in large part because it calls into question a variety of traditional policy approaches. This article reviews the available educational production literature, updating previous summaries. The close to 400 studies of student achievement demonstrate that there is not a strong or consistent relationship between student performance and school resources, at least after variations in family inputs are taken into account. These results are also reconciled with meta-analytic approaches and with other investigations on how school resources affect labor market outcomes. Simple resource policies hold little hope for improving student outcomes.

https://www.jstor.org/stable/pdf/1164207.pdf

Assessing the Effects of School Resources on Student Performance: An Update

Forecasting tourism demand: A review of empirical research

Developing a tourism impact attitude scale

Tourism routes as a tool for the economic development of rural areas—vibrant hope or impossible dream?

The consumption function for the U.S. economy is estimated with real estate and financial wealth for quarterly data for 1952:1–2001:4. An additional dollar of real estate wealth increases consumption by 8 cents in the current year, as compared with only 2 cents for financial wealth. The results are consistent with theoretical bounds on the marginal propensity to consume from aggregate wealth. The decline in the stock market during 2000–2001 had a limited impact on aggregate demand in part because of an offsetting real estate wealth effect.

Real Estate Versus Financial Wealth in Consumption

This article is the winner of the Innovative Thinking "Thinking Out of the Box" manuscript prize (sponsored by the Homer Hoyt Advanced Studies Institute) presented at the 2001 American Real Estate Society Annual Meeting. This study examines the dynamics of real housing price appreciation in 130 metropolitan areas across the United States. The study finds that real housing price appreciation is strongly influenced by the growth of population and real changes in income, construction costs and interest rates. The study also finds that stock market appreciation imparts a strong current and lagged wealth effect on housing prices. Housing appreciation rates also are found to vary across areas because of location-specific fixed-effects; these fixed effects represent the residuals of housing price appreciation attributable to location. The magnitudes of the fixed-effects in particular cities are positively correlated with restrictive growth management policies and limitations on land availability.

The Dynamics of Metropolitan Housing Prices.

This study combines historical and quantitative methods to determine the market response to a major nineteenth century American urban architectural form-the speculatively built row house The paper estimates a hedonic price index which decomposes the 

https://www.jstor.org/stable/pdfplus/3146025.pdf

Schools and Housing Values

This study develops a model of real estate cap rates that draws on the weighted average cost of capital (WACC) theory and the capital asset pricing model (CAPM) in the finance literature. The model indicates cap rates are determined by debt and equity spreads. The debt spread is the risky debt rate less the risk-free rate, and the equity spread is the return on the market less the risk-free rate. The empirical results support the importance of both spreads; however, cap rates respond with significant adjustment lags to changes in capital market spreads. Our findings support the widely held belief that real estate markets are information inefficient and segmented from the national capital market.

https://libres.uncg.edu/ir/uncg/f/d_winkler_capitalization_1995(multi uncg authors).pdf?origin=publication_detail

The Capitalization Rate of Commercial Properties and Market Returns.

This study examines the role of real estate brokers in the market for residential housing. It is shown that brokers obtain higher prices for the homes they sell and implicitly shift part of the bro...

G. Donald Jud

Papers

Real Estate Versus Financial Wealth in Consumption

The Dynamics of Metropolitan Housing Prices.

Schools and Housing Values

The Capitalization Rate of Commercial Properties and Market Returns.

Real Estate Brokers, Housing Prices, and the Demand for Housing: