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The Effects of Refineries on Neighborhood Property Values

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    Abstract

    Capitalization of negative neighborhood externalities may be affected over time by household sorting, events that attain public notoriety and the relative proximity of adjacent parcels to the externality. Using a 1,999-observation database spanning thirteen years all three of these issues are empirically investigated for two petrochemical refineries. As expected, evidence of sorting, short-term event effects and nearby proximity are all found to be contributors to capitalization. The extent of nearby buffering land areas also appears to contribute to reducing capitalization.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol09n03/v09p319.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 9 (1994)
    Issue (Month): 3 ()
    Pages: 319-338

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    Handle: RePEc:jre:issued:v:9:n:3:1994:p:319-338

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    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

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    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Jon P. Nelson, 1981. "Three Mile Island and Residential Property Values: Empirical Analysis and Policy Implications," Land Economics, University of Wisconsin Press, vol. 57(3), pages 363-372.
    2. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
    3. Mitchell Polinsky, A. & Shavell, Steven, 1976. "Amenities and property values in a model of an urban area," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 119-129.
    4. Brown, James N & Rosen, Harvey S, 1982. "On the Estimation of Structural Hedonic Price Models," Econometrica, Econometric Society, vol. 50(3), pages 765-68, May.
    5. Starrett, David A, 1981. "Land Value Capitalization in Local Public Finance," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 306-27, April.
    6. Bender, Bruce & Gronberg, Timothy J & Hwang, Hae-Shin, 1980. "Choice of Functional Form and the Demand for Air Quality," The Review of Economics and Statistics, MIT Press, vol. 62(4), pages 638-43, November.
    7. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    8. Speyrer, Janet Furman & Ragas, Wade R, 1991. "Housing Prices and Flood Risk: An Examination Using Spline Regression," The Journal of Real Estate Finance and Economics, Springer, vol. 4(4), pages 395-407, December.
    9. Halvorsen, Robert & Pollakowski, Henry O., 1981. "Choice of functional form for hedonic price equations," Journal of Urban Economics, Elsevier, vol. 10(1), pages 37-49, July.
    10. Myrick Freeman, A. III, 1974. "On estimating air pollution control benefits from land value studies," Journal of Environmental Economics and Management, Elsevier, vol. 1(1), pages 74-83, May.
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    Cited by:
    1. Mark P. Berkman & Kyle J. Hubbard & Timothy H. Savage, 2012. "The Adverse Impact of Particulate Matter on Property Values," International Real Estate Review, Asian Real Estate Society, vol. 15(2), pages 215-230.
    2. Dennis Kaufman & Norman Cloutier, 2006. "The Impact of Small Brownfields and Greenspaces on Residential Property Values," The Journal of Real Estate Finance and Economics, Springer, vol. 33(1), pages 19-30, August.
    3. Boxall, Peter C. & Chan, Wing H. & McMillan, Melville L., 2005. "The impact of oil and natural gas facilities on rural residential property values: a spatial hedonic analysis," Resource and Energy Economics, Elsevier, vol. 27(3), pages 248-269, October.
    4. Katherine Kiel, 2006. "Environmental Contamination and House Values," Working Papers 0601, College of the Holy Cross, Department of Economics.
    5. Peter C. Boxall, Wing H. Chan, and Melville L. McMillan, 2005. "The Impact of Oil and Natural Gas Facilities on Rural Residential Property," Working Papers eg0039, Wilfrid Laurier University, Department of Economics, revised 2005.
    6. Jean-Daniel Saphores & Ismael Aguilar-Benitez, 2005. "Smelly local polluters and residential property values: A hedonic analysis of four Orange County (California) cities," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 20(2), pages 197-218.
    7. George H. Lentz & Ko Wang, 1998. "Residential Appraisal and the Lending Process: A Survey of Issues," Journal of Real Estate Research, American Real Estate Society, vol. 15(1), pages 11-40.

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