Recent corporate scandals have ignited debate over appropriate rules for accounting and corporate governance. The debate has largely ignored an important preliminary question: who should set standards of corporate governance [...]
Economists have speculated for at least a century that the social return to education may exceed the private return. In this paper, I estimate spillovers from college education by comparing [...]
The paper studies the optimal distribution of business and residential land in a circular city. Once the optimum is characterized, we analyze the effect of changes in commuting costs and [...]
I outline the twentieth-century history of American zoning to explain how homeowners came to dominate its content and administration in most jurisdictions. Zoning’s original purpose was to protect homeowners in [...]
While rational real estate entrepreneurs generally will not redevelop if asset values are below replacement costs, we investigate whether homeowners who have investment and consumption motivations behave similarly. We use [...]
Board certification was associated with a lower risk of discipline ([odds ratio] OR, 0.45; P
California and many urban areas nationwide face a housing affordability crisis. New housing production has chronically failed to meet housing needs, causing housing prices to escalate. Faced with demands to [...]
Paralleling increased state involvement in teacher certification is the increase in teachers’ educational credentials, especially in public schools. For example, in 1971, over two-thirds of public-school teachers had a B.A., [...]
This paper explores the origins and effects of occupational licensing regulation in late nineteenth and early twentieth century America. Was licensing regulation introduced to limit competition in the market for [...]
Judicial review is particularly important in the case of special use permits (also known as special exceptions), where a statute or ordinance specifically allows the sought-after use, but zoning boards [...]