Land Values and Transfers at the District Level
| Variable | Inside Districts (1) | Inside Districts (2) | Inside Districts (3) |
|---|---|---|---|
| Water transferred from home district in year prior to parcel sale (WTd(t–1)) | −0.0265 (0.0504) | ||
| Year t − 1 = drought year (Dt–1 = 1) | 0.510*** (0.127) | ||
| (WTd(t–1) × Dt–1) | 0.174* (0.0869) | ||
| Water transferred from home district in 2 years prior to parcel sale (WTd(t–2)) | −0.402** (0.155) | ||
| Year t − 2 = drought year (Dt–2 = 1) | 0.457*** (0.106) | ||
| (WTd(t–2) × Dt–2) | 0.385** (0.145) | ||
| Water transferred from home district in 3 years prior to parcel sale (WTd(t–3)) | −0.143 (0.103) | ||
| Year t − 3 = drought year (Dt–3 = 1) | 0.557*** (0.155) | ||
| (WTd(t–3) × Dt–3) | 0.169 | ||
| Depth-to-groundwater in spring in t − 1 (feet below land surface) | −0.00133 (0.00170) | −0.00108 (0.00169) | −0.00143 (0.00172) |
| Coefficient of variation in spring depth-to-groundwater in previous 5 years | −0.00142 (0.00356) | −0.000978 (0.00432) | −0.00126 (0.00390) |
| Constant | 9.932*** (0.544) | 9.922*** (0.555) | 9.924*** (0.543) |
| Parcel controls | x | x | x |
| Year | x | x | x |
| District controls | x | x | x |
| Observations | 4,459 | 4,459 | 4,459 |
| Adjusted R-squared | 0.410 | 0.413 | 0.410 |
Note: Robust standard errors are in parentheses. Errors are clustered at the county. Parcel controls include elevation, slope, river frontage, distance to paved roads, travel time to major cities, distance to urbanized area (population > 50,000), distance to urban cluster (population > 2,500 and < 50,000), total population within 25 square miles, % building footprint between 500 m and 5,000 m, building square footage, and soil quality.