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Attracting private investment to contaminated properties: The value of public interventions

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  • Kris Wernstedt

    (Resources for the Future, Washington, DC)

  • Peter B. Meyer
  • Anna Alberini

    (University of Maryland-College Park)

Abstract

We employ a mail survey of private developers that uses conjoint choice experiments and Likert-scaled attitudinal questions to examine preferences for policy instruments and incentives intended to encourage brownfield cleanup and redevelopment. Our analysis suggests that developers judge public hearing requirements at brownfield redevelopments unattractive, but that they place a relatively high value on liability relief-from both cleanup costs and claims by third parties. Reimbursement of environmental assessment costs is not particularly attractive. We also find considerable heterogeneity among developers in the value they place on these incentives, depending on their experience with contaminated sites. © 2006 by the Association for Public Policy Analysis and Management

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of Policy Analysis and Management.

Volume (Year): 25 (2006)
Issue (Month): 2 ()
Pages: 247-369

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Handle: RePEc:wly:jpamgt:v:25:y:2006:i:2:p:247-369

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Web page: http://www3.interscience.wiley.com/journal/34787/home

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  1. Kris Wernstedt, 2004. "Overview of Existing Studies on Community Impacts of Land Reuse," NCEE Working Paper Series 200406, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jun 2004.
  2. Newman, Robert J. & Sullivan, Dennis H., 1988. "Econometric analysis of business tax impacts on industrial location: What do we know, and how do we know it?," Journal of Urban Economics, Elsevier, vol. 23(2), pages 215-234, March.
  3. Peter S. Fisher & Alan H. Peters, 1998. "Industrial Incentives: Competition among American Cities and States," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number ii, December.
  4. Alberini, Anna & Longo, Alberto & Tonin, Stefania & Trombetta, Francesco & Turvani, Margherita, 2002. "The Role Of Liability, Regulation And Economic Incentives In Brownfield Remediation And Redevelopment: Evidence From Surveys Of Developers," Working Papers 28582, University of Maryland, Department of Agricultural and Resource Economics.
  5. Boyd, James & Harrington, Winston & Macauley, Molly K, 1996. "The Effects of Environmental Liability on Industrial Real Estate Development," The Journal of Real Estate Finance and Economics, Springer, vol. 12(1), pages 37-58, January.
  6. Christopher A De Sousa, 2002. "Measuring the public costs and benefits of brownfield versus greenfield development in the Greater Toronto area," Environment and Planning B: Planning and Design, Pion Ltd, London, vol. 29(2), pages 251-280, March.
  7. Michael Wasylenko, 1997. "Taxation and economic development: the state of the economic literature," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 37-52.
  8. Segerson Kathleen, 1993. "Liability Transfers: An Economic Assessment of Buyer and Lender Liability," Journal of Environmental Economics and Management, Elsevier, vol. 25(1), pages S46-S63, July.
  9. Trahan, Emery A. & Gitman, Lawrence J., 1995. "Bridging the theory-practice gap in corporate finance: A survey of chief financial officers," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(1), pages 73-87.
  10. Timothy J. Bartik, 2003. "Local Economic Development Policies," Upjohn Working Papers and Journal Articles 03-91, W.E. Upjohn Institute for Employment Research.
  11. Moretti, Enrico, 2004. "Bidding for Industrial Plants: Does Winning a 'Million Dollar Plant' Increase Welfare?," Santa Cruz Department of Economics, Working Paper Series qt5cz0h23t, Department of Economics, UC Santa Cruz.
  12. Alan H. Peters & Peter S. Fisher, 2002. "State Enterprise Zone Programs: Have They Worked?," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number sezp, December.
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Cited by:
  1. Chang, Howard F. & Sigman, Hilary, 2007. "The effect of joint and several liability under superfund on brownfields," International Review of Law and Economics, Elsevier, vol. 27(4), pages 363-384, December.
  2. Paolo Rosato & Anna Alberini & Valentina Zanatta & Margaretha Breil, 2010. "Redeveloping derelict and underused historic city areas: evidence from a survey of real estate developers," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 53(2), pages 257-281.
  3. 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.
  4. Hilary Sigman, 2009. "Environmental Liability and Redevelopment of Old Industrial Land," NBER Working Papers 15017, National Bureau of Economic Research, Inc.
  5. Jed Kolko & David Neumark, 2009. "Do Some Enterprise Zones Create Jobs?," NBER Working Papers 15206, National Bureau of Economic Research, Inc.
  6. 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.
  7. 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.
  8. Anna Alberini & Dennis Guignet, 2008. "Voluntary Cleanups and Redevelopment Potential: Lessons from Baltimore, Maryland," Working Papers 2008.87, Fondazione Eni Enrico Mattei.
  9. Blackman, Allen & Lyon, Thomas P. & Wernstedt, Kris & Darley, Sarah, 2008. "What Drives Participation in State Voluntary Cleanup Programs? Evidence from Oregon," Discussion Papers dp-08-04, Resources For the Future.

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