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Shale Gas Development and Property Values: Differences Across Drinking Water Sources

  • Lucija Muehlenbachs
  • Elisheba Spiller
  • Christopher Timmins
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    While shale gas development can result in rapid local economic development, negative externalities associated with the process may adversely affect the prices of nearby homes. We utilize a triple-difference estimator and exploit the public water service area boundary in Washington County, Pennsylvania to identify the housing capitalization of groundwater risk, differentiating it from other externalities, lease payments to homeowners, and local economic development. We find that proximity to wells increases housing values, though risks to groundwater fully offset those gains. By itself, groundwater risk reduces property values by up to 24 percent.

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    File URL: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2149612
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    Paper provided by Duke University, Department of Economics in its series Working Papers with number 12-14.

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    Length: 39
    Date of creation: 2012
    Date of revision:
    Handle: RePEc:duk:dukeec:12-14
    Contact details of provider: Postal: Department of Economics Duke University 213 Social Sciences Building Box 90097 Durham, NC 27708-0097
    Phone: (919) 660-1800
    Fax: (919) 684-8974
    Web page: http://econ.duke.edu/

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