Thirty-six US states have already enacted some form of seller's property condition disclosure law. At a time when there is a movement in this direction nationally, this paper attempts to ascertain the factors that lead states to adopt disclosure law. Motivation for the study stems from the fact that not all states have yet adopted the law, and states that have enacted the law have done so in different years. The analytical structure employs hazard models, using a unique set of economic and institutional attributes for a panel of 50 US States spanning 21 years, from 1984 to 2004. The proportional hazard analysis of law adoption reveals that greater number of disciplinary actions tends to favor passage of the law. Greater broker supervision, implying generally higher awareness among real estate agents, seems to have a negative impact on the likelihood of a state adopting a property condition disclosure law.
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Paper provided by University of Connecticut, Department of Economics in its series Working papers with number
2006-16.
Length: 23 pages Date of creation: Jun 2006 Date of revision: Handle: RePEc:uct:uconnp:2006-16
Note: This paper is adapted from the first chapter of my doctoral dissertation at the University of Connecticut, Storrs, CT. I would like to thank my advisors, Stephen L. Ross, John M. Clapp, and Dennis R. Heffley for their insightful comments on the idea and methodology. I would also like to thank Tim Storey (National Conference of State Legislatures), Daniel Conti (Bureau of Labor Statistics) for assistance with data. All remaining errors are mine. Contact details of provider: Postal: University of Connecticut 341 Mansfield Road, Unit 1063 Storrs, CT 06269-1063 Phone: (860) 486-4889 Fax: (860) 486-4463 Web page: http://www.econ.uconn.edu/ More information through EDIRC
For technical questions regarding this item, or to correct its listing, contact: (Christian Zimmermann).
Find related papers by JEL classification: C41 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Duration Analysis D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information K11 - Law and Economics - - Basic Areas of Law - - - Property Law L51 - Industrial Organization - - Regulation and Industrial Policy - - - Economics of Regulation L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services R52 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Land Use and Other Regulations
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