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Information regulation: Do the victims of externalities pay attention?

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  • Felix Oberholzer-Gee

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  • Miki Mitsunari

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    Abstract

    Individuals living in metropolitan areas are exposed to a large number of industrial risks. Information regulation is a new tool to manage such risks. We ask if large-scale information initiatives directed at the general public can affect individual risk perceptions. The answer is affirmative. Using the publication of the Toxics Release Inventory as a case study, we find a decline in predicted property values when new information on pollution became available, indicating that homebuyers adjusted their risk perceptions upward. The response, however, is limited to sources of toxic emissions that are located at a moderate distance from the properties in our sample. Copyright Springer Science+Business Media, LLC 2006

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    File URL: http://hdl.handle.net/10.1007/s11149-006-0016-3
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Regulatory Economics.

    Volume (Year): 30 (2006)
    Issue (Month): 2 (08)
    Pages: 141-158

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    Handle: RePEc:kap:regeco:v:30:y:2006:i:2:p:141-158

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    Web page: http://www.springerlink.com/link.asp?id=100298

    Related research

    Keywords: Information regulation; Pollution prevention; Toxics Release Inventor; H23; K32; L51; I18;

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    Cited by:
    1. Nicholas J. Sanders, 2012. "Toxic Assets: How the Housing Market Responds to Environmental Information Shocks," Working Papers 128, Department of Economics, College of William and Mary.
    2. Hyunhoe Bae & Peter Wilcoxen & David Popp, 2010. "Information disclosure policy: Do state data processing efforts help more than the information disclosure itself?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 29(1), pages 163-182.
    3. Anil R. Doshi & Glen W.S. Dowell & Michael W. Toffel, 2011. "How Firms Respond to Mandatory Information Disclosure," Harvard Business School Working Papers 12-001, Harvard Business School, revised Jun 2012.
    4. Kelly, David L. & Letson, David & Nelson, Forrest & Nolan, David S. & Solís, Daniel, 2012. "Evolution of subjective hurricane risk perceptions: A Bayesian approach," Journal of Economic Behavior & Organization, Elsevier, vol. 81(2), pages 644-663.
    5. Jin, Yanhong & Wang, Hua & Wheeler, David, 2010. "The impact of environmental performance rating and disclosure: an empirical analysis of perceptions by polluting firms'managers in China," Policy Research Working Paper Series 5419, The World Bank.
    6. Mark Cohen & V. Santhakumar, 2007. "Information Disclosure as Environmental Regulation: A Theoretical Analysis," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(3), pages 599-620, July.
    7. Jin, Yanhong & Wang, Hua & Wheeler, David, 2010. "Environmental performance rating and disclosure : an empirical investigation of China's green watch program," Policy Research Working Paper Series 5420, The World Bank.
    8. Janet Currie, 2011. "Ungleichheiten bei der Geburt: Einige Ursachen und Folgen," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 12(s1), pages 42-65, 05.
    9. Janet Currie, 2011. "Inequality at Birth: Some Causes and Consequences," American Economic Review, American Economic Association, vol. 101(3), pages 1-22, May.
    10. Rohlf, Alexander & Römer, Daniel & von Graevenitz, Kathrine, 2014. "The Effect of Emission Information on Housing Prices in Germany," Working Papers 0554, University of Heidelberg, Department of Economics.

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