essays in public finance and industrial organization a dissertation ...

CHAPTER 1. BANKRUPTCY 47
Figure 1.7: Seizable Homestead Equity in 2005 vs. 1920 for a Constant Sample of
Households
Seizable home equity in 2005
0 20,000 40,000 60,000 80,000
Slope = 1.96 (0.38)
R-squared = 0.42
ID
CA
NV
TX
AZ
MS
AR
AL
NE
LA
CO
MI
GA
MO
40,000 50,000 60,000 70,000 80,000
Seizable home equity in 1920
Notes: Mean seizable home equity for a constant, nationally representative sample of
households under 2005 and inflation-adjusted 1920 homestead exemption laws as they
lived in each state. The New England states are shaded red. The sample is made up of
uninsured and privately insured households, excluding households with a head age 65 or
older. Slope coefficient from a bivariate regression weighted by population, with a robust
standard error in parentheses. Pooled 1999 to 2005 PSID, inflation-adjusted to 2005 using
the CPI-U. States that did not exist or had acre-based homestead exemption laws are
excluded. Household-level estimates weighted by number of individuals per household for
interpretation at the individual level.
WY
VA
UT
WV
KY OH SC
NC IL
NY NJ
TN
WA
NM
CT
MA
IN
ME
VT
NH
PA
MD DE
RI