期刊
JOURNAL OF ENVIRONMENTAL ECONOMICS AND MANAGEMENT
卷 71, 期 -, 页码 54-70出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jeem.2015.02.004
关键词
Right-to-know laws; Toxic release inventory; Quasi-experimental; Difference-in-differences; Environmental quality; Hedonics; Risk perceptions
This paper investigates how information contained in the U.S. Environmental Protection Agency's Toxic Release Inventory (TRI) program, one of the largest environmental right-to-know programs, affects prices in the housing market. I use a strengthening of the reporting requirements for the chemical lead in 2001 as exogenous variation to test for housing price changes near existing firms who must now report. Using a difference-indifferences specification, I find that listing an existing firm in the Toxic Release Inventory lowers housing prices up to 11% within approximately 1 mile. The results suggest that housing market participants do capitalize into prices at least some information conveyed by the TRI program. (C) 2015 Elsevier Inc. All rights reserved.
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