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Incomplete Information and Adverse Impacts of Environmental Cleanup

Author

Listed:
  • Corey Lang
  • Patrick Cavanagh

Abstract

We use the hedonic method to examine the external effects of Rhode Island’s voluntary brownfield program. We hypothesize that housing price impacts are a combination of valuation of environmental improvement and response to information disclosure initiated by remediation. The results indicate that housing prices decline after nearby remediation, suggesting incomplete information about the presence of risk. Further, we find empirical evidence that price impacts and the degree of incomplete information are different across neighborhoods. Specifically, low-housing-value neighborhoods experience price declines following remediation, while high-value neighborhoods experience price increases, leading to an overall regressive impact.

Suggested Citation

  • Corey Lang & Patrick Cavanagh, 2018. "Incomplete Information and Adverse Impacts of Environmental Cleanup," Land Economics, University of Wisconsin Press, vol. 94(3), pages 386-404.
    • Handle: RePEc:uwp:landec:v:94:y:2018:i:3:p:386-404
    Note: DOI: 10.3368/le.94.3.386
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    Citations

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    Cited by:

    1. Hausman, Catherine & Stolper, Samuel, 2021. "Inequality, information failures, and air pollution," Journal of Environmental Economics and Management, Elsevier, vol. 110(C).
    2. Justin Contat & Caroline Hopkins & Luis Mejia & Matthew Suandi, 2023. "When Climate Meets Real Estate: A Survey of the Literature," FHFA Staff Working Papers 23-05, Federal Housing Finance Agency.

    More about this item

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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