Can Stigma Explain Large Property Value Losses? The Psychology and Economics of Superfund
This research documents the long term impacts of delayed cleanup on property values in communities neighboring prominent Superfund sites. The research examines the sale prices of nearly 34,000 homes near sites in three metropolitan areas for up to a 30-year period. To our knowledge, no other property value studies have examined sites in multiple areas with large property value losses over the length of time used here. The results are both surprising and inconsistent with most prior work. The principal result is that, when cleanup is delayed for 10, 15, and even up to 20 years, the discounted present value of the cleanup is mostly lost. A possible explanation for these property value losses is that the sites are stigmatized and the homes in the surrounding communities are shunned. The results suggest that expedited cleanup and minimizing the number of stigmatizing events would reduce these losses. Copyright Springer 2006
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 33 (2006)
Issue (Month): 3 (03)
|Contact details of provider:|| Web page: http://www.springer.com|
Postal:c/o EAERE Secretariat - Fondazione Eni Enrico Mattei - Isola di San Giorgio Maggiore 8, I-30124 Venice, Italy
Web page: http://www.eaere.org/
More information through EDIRC
|Order Information:||Web: http://www.springer.com/economics/environmental/journal/10640/PS2|
When requesting a correction, please mention this item's handle: RePEc:kap:enreec:v:33:y:2006:i:3:p:299-324. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.