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The Adverse Impact of Particulate Matter on Property Values

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  • Mark P. Berkman

    ()
    (The Brattle Group ¡V 201 Mission Street, Suite 2800, San Francisco, CA 94105)

  • Kyle J. Hubbard

    ()
    (The Brattle Group - 201 Mission Street, Suite 2800, San Francisco, CA 94105)

  • Timothy H. Savage

    ()
    (Finance Scholars Group ¡V 675 Third Avenue, 18th Floor, New York, NY 10017)

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    Abstract

    Recent litigation with regards to property damage associated with carbon black emissions provides an opportunity to measure the impact of particulate matter (PM), a Clean Air Act pollutant. By using property-specific PM concentrations, we estimate the impact of PM on residential property values, which accounts for relevant characteristics and multiple pollution sources. This study simultaneously incorporates all important econometric modeling features cited in the prior literature. We find that a 10-percent increase in PM concentration results in a statistically-significant 1.1-percent decrease in value. In 2007 dollars, a one-standard deviation increase in PM concentration results in a statistically-significant reduction of approximately $4,800.

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    Bibliographic Info

    Article provided by Asian Real Estate Society in its journal International Real Estate Review.

    Volume (Year): 15 (2012)
    Issue (Month): 2 ()
    Pages: 215-230

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    Handle: RePEc:ire:issued:v:15:n:02:2012:p:215-230

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    Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web page: http://www.asres.org/

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    Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Web: http://www.asres.org/

    Related research

    Keywords: Corporate real estate; Capital structure; Stock performance;

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    1. Cameron, Trudy Ann, 2006. "Directional heterogeneity in distance profiles in hedonic property value models," Journal of Environmental Economics and Management, Elsevier, vol. 51(1), pages 26-45, January.
    2. Won Kim, Chong & Phipps, Tim T. & Anselin, Luc, 2003. "Measuring the benefits of air quality improvement: a spatial hedonic approach," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 24-39, January.
    3. Kenneth Y. Chay & Michael Greenstone, 1998. "Does Air Quality Matter? Evidence from the Housing Market," NBER Working Papers 6826, National Bureau of Economic Research, Inc.
    4. Patrick C. Flower & Wade R. Ragas, 1994. "The Effects of Refineries on Neighborhood Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 319-338.
    5. Yusuf, Arief Anshory & Resosudarmo, Budy P., 2009. "Does clean air matter in developing countries' megacities? A hedonic price analysis of the Jakarta housing market, Indonesia," Ecological Economics, Elsevier, vol. 68(5), pages 1398-1407, March.
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