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The Effect of Emission Information on Housing Prices in Germany

Listed author(s):
  • Rohlf, Alexander
  • Römer, Daniel
  • von Graevenitz, Kathrine

In this paper, we study the effect of the release of emission information on housing prices. The main event under study is the release of the first wave of data from the European Pollutant Release and Transfer Register (E-PRTR) publishing emission quantities for the reporting year 2007. We base our analysis on quarterly house prices at the German postal code level for the years 2004-2011 and provide, to the best of our knowledge, the first analysis outside the US on this research question. We estimate a differences-in-differences model and find no significant effect of the release of emission information on the value of houses in affected postal code areas when controlling for observable differences in land use, prevalence of housing types, tax revenues and other postal code area characteristics by means of propensity score matching. This result survives several robustness checks. We conclude that disclosing the first wave of E-PRTR emissions had no robust impact on housing prices.

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Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number 0554.

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Date of creation: 19 Feb 2014
Handle: RePEc:awi:wpaper:0554
Note: This paper is part of http://archiv.ub.uni-heidelberg.de/volltextserver/view/schriftenreihen/sr-3.html
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  1. Christopher F. Parmeter & Jaren C. Pope, 2013. "Quasi-experiments and hedonic property value methods," Chapters,in: Handbook on Experimental Economics and the Environment, chapter 1, pages 3-66 Edward Elgar Publishing.
  2. Joshua Graff Zivin & Matthew Neidell & Wolfram Schlenker, 2011. "Water Quality Violations and Avoidance Behavior: Evidence from Bottled Water Consumption," American Economic Review, American Economic Association, vol. 101(3), pages 448-453, May.
  3. Janet Currie & Lucas Davis & Michael Greenstone & Reed Walker, 2013. "Do Housing Prices Reflect Environmental Health Risks? Evidence From More Than 1600 Toxic Plant Openings And Closings," Working Papers 13-14, Center for Economic Studies, U.S. Census Bureau.
  4. Felix Oberholzer-Gee & Miki Mitsunari, 2006. "Information regulation: Do the victims of externalities pay attention?," Journal of Regulatory Economics, Springer, vol. 30(2), pages 141-158, 08.
  5. Abbott, Joshua K. & Allen Klaiber, H., 2013. "The value of water as an urban club good: A matching approach to community-provided lakes," Journal of Environmental Economics and Management, Elsevier, vol. 65(2), pages 208-224.
  6. Linda T. M. Bui & Christopher J. Mayer, 2003. "Regulation and Capitalization of Environmental Amenities: Evidence from the Toxic Release Inventory in Massachusetts," The Review of Economics and Statistics, MIT Press, vol. 85(3), pages 693-708, August.
  7. Lucas W. Davis, 2004. "The Effect of Health Risk on Housing Values: Evidence from a Cancer Cluster," American Economic Review, American Economic Association, vol. 94(5), pages 1693-1704, December.
  8. Pope, Jaren C., 2008. "Buyer information and the hedonic: The impact of a seller disclosure on the implicit price for airport noise," Journal of Urban Economics, Elsevier, vol. 63(2), pages 498-516, March.
  9. Leigh Linden & Jonah E. Rockoff, 2008. "Estimates of the Impact of Crime Risk on Property Values from Megan's Laws," American Economic Review, American Economic Association, vol. 98(3), pages 1103-1127, June.
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