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The Adverse Impact of Particulate Matter on Property Values

  • Mark P. Berkman

    ()

    (The Brattle Group ¡V 201 Mission Street, Suite 2800, San Francisco, CA 94105)

  • Kyle J. Hubbard

    ()

    (The Brattle Group - 201 Mission Street, Suite 2800, San Francisco, CA 94105)

  • Timothy H. Savage

    ()

    (Finance Scholars Group ¡V 675 Third Avenue, 18th Floor, New York, NY 10017)

Registered author(s):

    Recent litigation with regards to property damage associated with carbon black emissions provides an opportunity to measure the impact of particulate matter (PM), a Clean Air Act pollutant. By using property-specific PM concentrations, we estimate the impact of PM on residential property values, which accounts for relevant characteristics and multiple pollution sources. This study simultaneously incorporates all important econometric modeling features cited in the prior literature. We find that a 10-percent increase in PM concentration results in a statistically-significant 1.1-percent decrease in value. In 2007 dollars, a one-standard deviation increase in PM concentration results in a statistically-significant reduction of approximately $4,800.

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    File URL: http://www.umac.mo/fba/irer/papers/current/vol15n2_pdf/04.pdf
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    Article provided by Asian Real Estate Society in its journal International Real Estate Review.

    Volume (Year): 15 (2012)
    Issue (Month): 2 ()
    Pages: 215-230

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    Handle: RePEc:ire:issued:v:15:n:02:2012:p:215-230
    Contact details of provider: Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
    Web page: http://www.asres.org/
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    Order Information: Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    1. Kenneth Y. Chay & Michael Greenstone, 1998. "Does Air Quality Matter? Evidence from the Housing Market," NBER Working Papers 6826, National Bureau of Economic Research, Inc.
    2. Won Kim, Chong & Phipps, Tim T. & Anselin, Luc, 2003. "Measuring the benefits of air quality improvement: a spatial hedonic approach," Journal of Environmental Economics and Management, Elsevier, vol. 45(1), pages 24-39, January.
    3. Portnov, Boris A., 2010. "Objective Vs. Perceived Air-Pollution As A Factor Of Housing Pricing: A Case Study Of The Greater Haifa Metropolitan Area," ERES eres2010_021, European Real Estate Society (ERES).
    4. Trudy Ann Cameron, 2003. "Directional Heterogeneity in Distance Profiles in Hedonic Property Value Models," University of Oregon Economics Department Working Papers 2003-17, University of Oregon Economics Department, revised 01 Jul 2003.
    5. Yusuf, Arief Anshory & Resosudarmo, Budy P., 2009. "Does clean air matter in developing countries' megacities? A hedonic price analysis of the Jakarta housing market, Indonesia," Ecological Economics, Elsevier, vol. 68(5), pages 1398-1407, March.
    6. Patrick C. Flower & Wade R. Ragas, 1994. "The Effects of Refineries on Neighborhood Property Values," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 319-338.
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