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Unveiling the Price of Obscenity: Evidence From Closing Prostitution Windows in Amsterdam
In: Journal of policy analysis and management: the journal of the Association for Public Policy Analysis and Management, Band 42, Heft 3, S. 677-705
ISSN: 1520-6688
AbstractDoes legitimating sinful activities have a cost? This paper examines the relationship between housing demand and overt prostitution in Amsterdam. In our empirical design, we exploit the spatial discontinuity in the location of brothel windows created by canals, combined with a policy that forcibly closed some of the windows near these canals. To pin down their effect on housing prices, we apply a difference‐in‐discontinuity (DiD) estimator, which controls for the precise location of brothel windows and the effect of other policies and local developments. Our results show that the housing prices are discontinuous at the bordering canals, and this discontinuity nearly disappears after closures. The discontinuity is also found to decrease with the distance to brothels, disappearing after 300 yards. Our estimates indicate that homes right next to sex workers were 30 percent cheaper before the closures. This result seems unrelated to the presence of other businesses, such as bars and cannabis shops. Instead, the price discount is partly explained by petty crimes. However, 73 percent of the effect remains unexplained after controlling for many forms of crime and risk perception. Our findings suggest that households tend to be against the visible presence of sex workers and related nuisances, reaffirming their marginalization.
The External Cost of Prostitution: Evidence from Shutting Down Red Light Districts in the Netherlands
In: Forthcoming, Real Estate Economics, https://doi.org/10.1111/1540-6229.12404
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The Price of Obscenity in Housing Markets: Evidence from Closing Prostitution Windows
In: Giambona, E. and Ribas, R. P. (2023), Unveiling the Price of Obscenity: Evidence from Closing Prostitution Windows in Amsterdam. Journal of Policy Analysis and Management. https://doi.org/10.1002/pam.22459
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Buyer's Bankruptcy Risk, Sourcing Strategy, and Firm Value: Evidence from the Supplier Protection Act
In: Forthcoming in Management Science
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Hedging, Contract Enforceability and Competition
In: Tuck School of Business Working Paper No. 3802342
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Managerial Flexibility, Capacity Investment, and Inventory Levels
In: Productions and Operations Management, Forthcoming
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Stiffing the Creditor: The Effect of Asset Verifiability on Bankruptcy
In: Journal of Financial Intermediation, Forthcoming
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