We present evidence of differential effects of risk perception in the housing market. We use housing transaction data near military bases to examine capitalization of potential military jet accident risk in house prices. We find that properties in accident potential zones (APZs) transact at...

In this paper, we exploit a quasi-exogenous change that reduced the number of U.S. military personnel by 40% between 1988 and 2000 to estimate the long-term causal effect of population losses on local government revenue, expenditure, and debt. Aggregating across all governmental units within...