논문 상세정보
Contamination and incomplete information: Bounding implicit prices using high-profile leaks
-
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.
활용도 분석
-
상세보기
-
원문보기
원문보기
유료 다운로드의 경우 해당 사이트의 정책에 따라 신규 회원가입, 로그인, 유료 구매 등이 필요할 수 있습니다. 해당 사이트에서 발생하는 귀하의 모든 정보활동은 NDSL의 서비스 정책과 무관합니다.
원문복사신청을 하시면, 일부 해외 인쇄학술지의 경우 외국학술지지원센터(FRIC)에서
무료 원문복사 서비스를 제공합니다.
NDSL에서는 해당 원문을 복사서비스하고 있습니다. 위의 원문복사신청 또는 장바구니 담기를 통하여 원문복사서비스 이용이 가능합니다.
- 이 논문과 함께 출판된 논문 + 더보기
-
-
Editorial Board
- Temperature effects on productivity and factor reallocation: Evidence from a half million chinese manufacturing plants
- The link between response time and preference, variance and processing heterogeneity in stated choice experiments
- Environmental rebounds/backfires: Macroeconomic implications for the promotion of environmentally-friendly products
- Accounting for loss of variety and factor reallocations in the welfare cost of regulations