Journal
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS
Volume 22, Issue 2-3, Pages 185-202Publisher
SPRINGER
DOI: 10.1023/A:1007839413324
Keywords
hedonic price model; property values; externalities; environment; urban; rural; and regional economics
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The purpose of this article is to quantify the property-value impacts of a change in environmental quality by using the hedonic price model. In particular, we focus on the impact of the presence of landfills on nearby residential real estate prices. We combine elements of an urban location choice and hedonic pricing model to estimate the effects of the presence of multiple environmental disamenities on residential real estate prices. We explicitly account for temporal effects by including housing transactions in areas with both open and closed landfills and control for information effects. In addition, we treat property taxes and prices as being simultaneously determined. Our analysis suggests that closing landfills will not necessarily mitigate property-value impacts.
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