<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672026000300129</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2026.337.95967</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Housing prices and public insecurity in Mexico: perceptions, expectations, and crime exposure]]></article-title>
<article-title xml:lang="es"><![CDATA[Precios de la vivienda e inseguridad pública en México: percepciones, expectativas y exposición al crimen]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Cuevas Ahumada]]></surname>
<given-names><![CDATA[Víctor Manuel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[Azcapotzalco Ciudad de México]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2026</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2026</year>
</pub-date>
<volume>85</volume>
<numero>337</numero>
<fpage>129</fpage>
<lpage>155</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672026000300129&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672026000300129&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672026000300129&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper estimates several fixed-effects dynamic panel data models using data for 21 major cities over the period 2016Q1-2025Q2 to examine the effects of three indicators of public insecurity on housing prices: expected insecurity, perceived insecurity, and crime exposure. The evidence shows that all three measures have negative and statistically significant effects on housing price dynamics. When analyzing different city subsamples, we find that the marginal impact of insecurity is stronger in relatively safer cities and weaker in highly insecure cities, a pattern consistent with violence normalization or reduced housing-market sensitivity as insecurity rises. Moreover, in relatively safer cities, crime exposure becomes increasingly influential vis-à-vis perceptions and expectations of insecurity, showing that housing prices are more responsive to criminal and antisocial behaviors that can be seen or heard near people&#8217;s homes.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen En este artículo se estiman varios modelos dinámicos de datos en panel con efectos fijos empleando datos de 21 ciudades durante el periodo 2016Q1-2025Q2, con la finalidad de evaluar los efectos de tres indicadores de inseguridad pública sobre los precios de las viviendas: expectativas de inseguridad, percepción de inseguridad y atestiguación. La evidencia muestra que las tres medidas guardan una relación negativa con los precios de las viviendas. Al analizar diferentes submuestras de ciudades, se encuentra que el impacto marginal de la inseguridad pública es menor en las ciudades más inseguras, un patrón consistente con la normalización de la violencia. Además, en las ciudades más seguras, la atestiguación se vuelve cada vez más influyente en comparación con los otros dos indicadores, lo que sugiere que los precios de las viviendas responden más a conductas delictivas y antisociales que pueden verse o escucharse cerca de los hogares de las personas.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[housing prices]]></kwd>
<kwd lng="en"><![CDATA[public insecurity indicators]]></kwd>
<kwd lng="en"><![CDATA[panel data models]]></kwd>
<kwd lng="en"><![CDATA[violence-normalization effect]]></kwd>
<kwd lng="es"><![CDATA[precios de las viviendas]]></kwd>
<kwd lng="es"><![CDATA[indicadores de inseguridad pública]]></kwd>
<kwd lng="es"><![CDATA[modelos de datos en panel]]></kwd>
<kwd lng="es"><![CDATA[efecto de normalización de la violencia]]></kwd>
</kwd-group>
</article-meta>
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