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Abstract
The existence of good schools is expected to increase nearby housing prices. We use a natural experiment from two cities in Korea where the high school entrance system changed from self-selection to geographical assignment. Our empirical results show that the existence of good high schools did increase the nearby housing prices as well as the rental prices.
Acknowledgements
Minho Kim is grateful to the BK21 Project for financial support.
Notes
1 In Korea a new school year begins in March and the middle school graduates are assigned to high schools in February by the government when they are not allowed to select high schools by themselves.
2 The acceptance ratio to the top universities from District A is approximately three times or more than that from District B.
3 All the apartments that we analysed have sizes, 100–110 m2.
4 Data were obtained from http://www.neonet.co.kr/.
5 The corresponding SE is 0.0171 so that it is significant at all usual significance levels.