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A theoretical model is developed in which interaction between property values and visual appearance of a neighborhood is included. Property values are a function of blight, but at the same time, since blight depends partially upon the actions of individual property owners, the level of blight is a function of property values. The two-stage-least-squares model is estimated using a detailed data set for the city of Chicago. The results are consistent with the hypothesis of simultaneous interaction. The results also indicate a number of important factors that affect the actions of property owners. 69 pp.

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