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An Economic Analysis of Lead Paint Laws

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  • Miceli, Thomas J
  • Pancak, Katherine A
  • Sirmans, C F

Abstract

In this paper we develop a theoretical framework for determining whether laws designed to reduce lead paint risk are consistent with efficiency. We do this in the context of both owner-occupied and rental housing, and under different informational scenarios depending on who has knowledge about the risk. Our results suggest that efficient lead paint laws would impose on property owners and landlords a duty to notify buyers and tenants about known risks but would not impose on them a duty to inspect for or abate the risk. Our review of the existing law shows that common law standard are largely consistent with efficiency, but statutory law is not. Copyright 1996 by Kluwer Academic Publishers

Suggested Citation

  • Miceli, Thomas J & Pancak, Katherine A & Sirmans, C F, 1996. "An Economic Analysis of Lead Paint Laws," The Journal of Real Estate Finance and Economics, Springer, vol. 12(1), pages 59-75, January.
    • Handle: RePEc:kap:jrefec:v:12:y:1996:i:1:p:59-75
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    Cited by:

    1. Miceli, Thomas J. & Kieyah, Joseph, 2003. "The economics of land title reform," Journal of Comparative Economics, Elsevier, vol. 31(2), pages 246-256, June.
    2. Bernard Sinclair-Desgagné, 2000. "Environmental Risk Management and the Business Firm," CIRANO Working Papers 2000s-23, CIRANO.
    3. 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.
    4. Hyunhoe Bae, 2012. "Reducing Environmental Risks by Information Disclosure: Evidence in Residential Lead Paint Disclosure Rule," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 31(2), pages 404-431, March.

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