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THE PROPERTY VALUE PREMIUM OF A PLACE OF WORSHIP

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Abstract

Using a unique data set of residential housing values, we improve on previous hedonic pricing and event studies literature to estimate the amenity effects of a new religious structure on local property values. We improve on previous research by extending our analysis with a pre- and post-treatment model. Using a pre- and post-treatment model, we do not find that the religious structure that we examined influenced the value of surrounding properties in the period after its completion. The results suggest that previous research using only post-completion data may mischaracterize the amenity effects of religious structures. (JEL R3)

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