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Property-Value Impacts of an Environmental Disamenity: The Case of Landfills
Authors:Hite  Diane  Chern  Wen  Hitzhusen  Fred  Randall  Alan
Affiliation:(1) Department of Agricultural Economics, Mississippi State University, Mississippi State, MS;(2) Department of Agricultural, Environmental, and Development Economics, Ohio State University, USA
Abstract: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.
Keywords:hedonic price model  property values  externalities  environment  urban  rural  and regional economics
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