Document Type

Honors Project - Open Access


This research is advised by Professor Liang Ding, Macalester College.

I would like to thank the feedback and comments from my honors thesis committee readers, Professor Gary Krueger and Professor Karine Moe, the faculty members and fellow students from Macalester Economics Honors Program, conference participants and guests at the 2012 Economics Scholar Program at Federal Reserve, Dallas and the 11th Carroll Round conference at Georgetown University.


This study adapted the hedonic pricing model and inspected how varying elementary school quality affects property prices in Shanghai. Because the variation of school quality appeared before the capitalization of the housing market, the obtained results suggest a causal relationship. The data set comprises top-tier elementary school information from eWOM, the yearly school attendance zones published by the government, and the Shanghai Existing Property Index, which has a sample of similarly structured apartments. Main results show that prices on average increase 41.9% more in the top-tier school districts under the standardized housing system, and range from 15.5% to 69.7% among different districts in urban Shanghai.



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