The Effect Of Hazardous Waste Sites On Property Values In Zones Of High Industrial Activity: A Hedonic Approach
AbstractHedonic pricing methods typically employ a distance-to-site variable to measure variation in exposure to environmental disamenities. Some environmental disamenities, like hazardous waste sites, may be spatially correlated with another prominent feature of the urban plain zones of industrial activity. In these cases, failure to account for industrial activity is hypothesized to bias coefficient estimates of the distance-to-site measure. The data set includes a distance-to-site measure as well as a distance-to-industrial measure. These measures allow for empirical estimations of the hedonic price function that distinguish the property value effect associated with exposure to hazard from the property value effect associated with industrial activity. The results suggest that failure to account for industrial activity will overstate the effect of hazardous waste sites on property values and inflate benefit estimates associated with hazardous waste clean-up. Key words: Superfund, Spatial Correlates, Industrial Activity, Hedonic Price Function
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Bibliographic InfoPaper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2002 Annual meeting, July 28-31, Long Beach, CA with number 19612.
Date of creation: 2002
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Superfund; Spatial Correlates; Industrial Activity; Hedonic Price Function; Environmental Economics and Policy; Land Economics/Use;
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