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Track T5-6: Labor and the Finance of Human Capital
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Presentations | ||
Intergenerational Conflict in Education Financing: Evidence from A Decade of Bond Referenda Boston College I examine how population aging affects voter support for and the efficiency of public education provision. Analyzing a decade of school bond referendum data, I find that school districts with older populations are less likely to approve bond proposals to finance school investments. I leverage variations in historical fertility trends to separate the effect of aging-in-place from that of endogenous sorting. Comparing narrowly passed and failed referenda, I find that house prices do not appreciate after bond approvals in older-population districts, despite increased spending. These results align with generational political divisions over education investment but do not indicate inefficiency.
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