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Journal of environmental economics and management v.88, 2018년, pp.259 - 282   SSCI
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Contamination and incomplete information: Bounding implicit prices using high-profile leaks

Guignet, Dennis (National Center for Environmental Economics, US Environmental Protection Agency, Mail Code 1809T, 1200 Pennsylvania Avenue, N.W., Washington, DC 20460, USA ) ; Jenkins, Robin (National Center for Environmental Economics, US Environmental Protection Agency, Mail Code 1809T, 1200 Pennsylvania Avenue, N.W., Washington, DC 20460, USA ) ; Ranson, Matthew (Abt Associates Inc., USA ) ; Walsh, Patrick J. (Landcare Research, New Zealand ) ;
  • 초록  

    Abstract Incomplete information can lead households to underprice environmental disamenities in the housing market. To bound the true implicit prices, researchers sometimes study high-profile cases involving significant media and community attention. However, prior research finds that high-profile cases may lead to “stigma” effects that can confound interpretation of the results. This study compares these opposing effects at sixteen of the highest profile underground storage tank releases across the United States over the last thirty years. Using covariate matching and difference-in-differences hedonic regressions, we estimate the change in housing values around each site. We then conduct a cross-site meta-analysis to estimate the average treatment effects. We find an average housing price depreciation of 2–6% upon discovery of a release, which is an upper bound on the implicit price of contamination at more typical sites. Following cleanup, we find a housing price appreciation of a similar magnitude, suggesting that even in high-profile cases, surrounding neighborhoods do not experience persistent stigma. Highlights Incomplete information can lead housing markets to underprice disamenities. We analyze housing prices following 16 of the highest-profile UST leaks in the US. These are information-rich cases where households were likely to be well-informed. House prices decrease 2% to 6% upon a release and rebound fully after cleanup. We find no evidence of persistent stigma in this high-information setting.


  • 주제어

    Contaminated site .   Groundwater .   Hedonic .   Meta-analysis .   Property value .   Underground storage tank .   UST.  

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