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Recientes

Costo Regulatorio: Efectos del plan regulador en precios de departamentos
Costo Regulatorio: Efectos del plan regulador en precios de departamentos
20 septiembre 2021
Do political parties matter for municipal finances? Evidence from property reassessments and estate taxes∗
Do political parties matter for municipal finances? Evidence from property reassessments and estate taxes∗
10 diciembre 2020
Removing the fine print: standardization, disclosure and consumer loan outcomes
Removing the fine print: standardization, disclosure and consumer loan outcomes
01 noviembre 2019
Playing checkers in Chinatown
30 octubre 2020

Playing checkers in Chinatown

  • Por: José-Antonio Espín-Sánchez, Yale University / Santiago Truffa, ESE, Universidad de los Andes
  • Research
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In 1905-1935, the city of Los Angeles bought the water and land rights of the Owens Valley
farmers and built an aqueduct to transfer the water to the city. The dark story is that Los
Angeles bullied and isolated reluctant farmers to get cheap water. A map of the farmers´ plots
sold in any given point in time, however,would look like a checkerboard either because the city
is intentionally targeting specific farmers, whose salewould create negative externalities in the
remaining farmers, or because the farmers were heterogeneous. We analyze the bargaining
between the city and the farmers and evaluate the effects that farmers’ actions had on one
another, to assess the checkerboarding claim. We estimate a dynamic structural model of the
farmers’ decision on selling to the city. We found that there are large externalities when farmers
sold. The externalities were larger for neighboring farmers, and when the selling farmer was
closer to the river.

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