Observable measures of public school quality provide noisy signals of underlying quality to parents. Accordingly, this paper examines the house price effects of school quality and quality uncertainty. Residential bid rent theory under this type of uncertainty shows that greater school quality...

This study empirically investigates how imperfect information on prices, qualities and search costs affect prices and qualities. We build on a comprehensive dataset on the housing market that encompasses detailed buyer-specific information on mortgages, income and residential status before...