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- Title
Toxic Assets: How the Housing Market Responds to Environmental Information Shocks.
- Authors
Moulton, Jeremy G.; Sanders, Nicholas J.; Wentland, Scott A.
- Abstract
Using national microdata from Zillow, we examine how U.S. housing markets respond to expanded information on local pollution stemming from a 1998 reporting change to the Toxics Release Inventory (TRI). Using both a difference-in-differences and a regression discontinuity in time design, we find that news coverage of the new TRI data lowered sales prices of homes near the largest reporting polluters but only within a tight geographic distance. Effects are isolated to homes within 0.5 miles of facilities reporting the largest amount of emissions (> 100 tons). This price capitalization implies public information on local polluters shifted private market behavior, suggesting a role for government as provider of information.
- Subjects
HOUSING market; REGRESSION discontinuity design; GREEN marketing; HOME prices; GOVERNMENT information
- Publication
Land Economics, 2024, Vol 100, Issue 1, p66
- ISSN
0023-7639
- Publication type
Article
- DOI
10.3368/le.100.1.102122-0089r