熔炉值多少钱？多元文化与房价

Rachel Cho1Hisham Farag2Christoph Görtz3Danny McGowan4Huyen Nguyen5Max Schroeder6 1University of Birmingham.r.s.l.cho@bham.ac.uk About the National Institute of Economic and Social Research The National Institute of Economic and Social Research is Britain's longest establishedindependent research institute, founded in 1938. The vision of our founders was to carry outresearch to improve understanding of the economic and social forces that affect people’s lives,and the ways in which policy can bring about change. Over eighty years later, this remainscentral to NIESR’s ethos. We continue to apply our expertise in both quantitativeand qualitativemethods and our understanding of economic and social issues to current debates and toinfluence policy. The Institute is independent of all party-political interests. National Institute of Economic and Social Research2 Dean Trench StLondon SW1P 3HET: +44 (0)20 7222 7665E:enquiries@niesr.ac.ukwww.niesr.ac.ukRegistered charity no. 306083 This paper was first published inJuly2025 Competing Interest Statement: The views expressed in this paper are based on research andare not attributed to the organizations to which the researchers are affiliated. There are noconflicts of interest. The usual disclaimer applies. © National Institute of Economic and Social Research 2025 What's the Melting Pot Worth?Multiculturalism and House Prices Rachel Cho1, Hisham Farag2, Christoph Görtz3, Danny McGowan4, Huyen Nguyen5and MaxSchroeder6 Abstract Is there a multicultural neighbourhood price premium? We exploit plausibly exogenous variationin British colonization patterns in Northern Ireland during the early 1600s which created neigh‐bourhoods of varying religious composition that persists until today.These religious groupsare culturally distinct, but are observationally equivalent ethnically and socioeconomically.Astandard deviation increase neighbourhood‐level multiculturalism raises house prices by 9.6%.Multiculturalism raises property prices by increasing asset liquidity and housing demand as awider spectrum of society demand houses in these areas. The findings and mechanism contrastsharply with prior evidence showing negative relationships due to homophily, social networks,and identification challenges. Keywords:Multiculturalism; House prices; Homophily; Segregation Classification:D1, G5, R21, R31 Acknowledgements We received helpful comments and suggestions from Gareth Campbell, Claudia Custodio, Robert French,Pedro Gete, Reint Gropp, Xian Gu, Felix Irresberger, Rustam Jamilov, Sabrina Jeworrek, Roman Kozhan,Xiang Li, Des McCabe, Steffen Müller, Enrico Onali, Micheál Ó Siochrú, Dimitris Petmezas, Dennis Philip,Merih Sevilir, Daniel Streitz, Lena Tonzer, Francesco Vallascas, Jiamin Wang, Xiaoxia Ye, and seminar par‐ticipants at the ASSA 2025 Meeting, Cardiff, Birmingham, Durham, Exeter, Halle, the 2024 IAF Confer‐ence, the 2025 SES Conference, Queen’s University Belfast, St Andrew’s, and University College Dublin.Samuel James provided excellent research assistance. We thank the Leverhulme Trust for funding underresearch project grant RPG‐2022‐275.Declarations of interest: none. Contents 1Introduction 3Background Details103.1Contemporary Identities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .113.2Socioeconomic Characteristics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 14 4Data 4.1Property Sales. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144.2Title Deeds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144.3Archival Data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164.4Multiculturalism Variables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164.5Additional Variables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 5Identification Strategy and Diagnostic Tests18 5.1Testing for Correlation with Observables. . . . . . . . . . . . . . . . . . . . . . . .195.2Settlement Patterns. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 6The Effects of Multiculturalism on House Prices22 6.1Transmission Mechanisms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .246.2Title Deeds Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26 7Extensions and Robustness Tests27 7.1External Validity and Instrument Falsification Tests. . . . . . . . . . . . . . . . . .287.2Contracting Frictions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .297.3Sensitivity Checks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .317.4Non‐linear neighbourhood Demand. . . . . . . . . . . . . . . . . . . . . . . . . . .35 8Conclusions 35 AAdditional Tables and Figures40BNorthern Ireland Life and Times Survey Variables42CUnderstanding Society Database44DExternal Validity ‐ Republic of Ireland47ETitle Deeds Data48FDow