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The Effects of Environmental Liability on Industrial Real Estate Development

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Author Info

  • Boyd, James
  • Harrington, Winston
  • Macauley, Molly K

Abstract

The paper explores the effects of current liability law on real estate transactions involving properties with potential environmental contamination. Sources of uncertainty and their likely impact on transactions are identified. Liability-driven market distortions are likely to be due less to legal uncertainty than to problems arising from asymmetric information and imperfect detection. Copyright 1996 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 12 (1996)
Issue (Month): 1 (January)
Pages: 37-58

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Handle: RePEc:kap:jrefec:v:12:y:1996:i:1:p:37-58

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Web page: http://www.springerlink.com/link.asp?id=102945

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Cited by:
  1. Anna Alberini, 2006. "Determinants and Effects on Property Values of Participation in Voluntary Cleanup Programs: the Case of Colorado," ERSA conference papers ersa06p126, European Regional Science Association.
  2. Jill J. McCluskey & Gordon C. Rausser, 2003. "Stigmatized Asset Value: Is It Temporary or Long-Term?," The Review of Economics and Statistics, MIT Press, vol. 85(2), pages 276-285, May.
  3. Howard F. Chang & Hilary Sigman, 2005. "The Effect of Joint and Several Liability under Superfund on Brownfields," Departmental Working Papers 200508, Rutgers University, Department of Economics.
  4. Anna Alberini & Alberto Longo, 2006. "The Effects of Contamination and Cleanup on Commercial and Industrial Properties: A Hedonic Pricing Model of Maryland and Baltimore City," ERSA conference papers ersa06p413, European Regional Science Association.
  5. Jeffrey Zabel, 2007. "The Impact of Imperfect Information on the Transactions of Contaminated Properties," NCEE Working Paper Series 200703, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2007.
  6. Linn, Joshua, 2012. "The Effect of Voluntary Brownfields Programs on Nearby Property Values: Evidence from Illinois," Discussion Papers dp-12-35, Resources For the Future.
  7. Boyd, James, 1999. "Environmental Remediation and Economies in Transition," Discussion Papers dp-99-21, Resources For the Future.
  8. Hilary Sigman, 2010. "Environmental Liability and Redevelopment of Old Industrial Land," Journal of Law and Economics, University of Chicago Press, vol. 53(2), pages 289-306, 05.
  9. Robin R. Jenkins & Elizabeth Kopits & David Simpson, 2006. "Measuring the Social Benefits of EPA Land Cleanup and Reuse Programs," NCEE Working Paper Series 200603, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Sep 2006.
  10. Wernstedt, Kris & Alberini, Anna & Heberle, Lauren & Meyer, Peter, 2004. "The Brownfields Phenomenon: Much Ado about Something or the Timing of the Shrewd?," Discussion Papers dp-04-46, Resources For the Future.
  11. Kris Wernstedt & Peter B. Meyer & Anna Alberini, 2006. "Attracting private investment to contaminated properties: The value of public interventions," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 25(2), pages 247-369.

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