The Effects of Refineries on Neighborhood Property Values

Patrick C. Flower and Wade R. Ragas
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Patrick C. Flower: Department of Economics and Finance University of New Orleans New Orleans, Louisiana 70122, http://www.uno.edu/~coba/econ/index.html
Wade R. Ragas: Department of Economics and Finance University of New Orleans New Orleans, Louisiana 70122, http://www.uno.edu/~coba/econ/index.html

Journal of Real Estate Research, 1994, vol. 9, issue 3, pages 319-338

Abstract: Capitalization of negative neighborhood externalities may be affected over time by household sorting, events that attain public notoriety and the relative proximity of adjacent parcels to the externality. Using a 1,999-observation database spanning thirteen years all three of these issues are empirically investigated for two petrochemical refineries. As expected, evidence of sorting, short-term event effects and nearby proximity are all found to be contributors to capitalization. The extent of nearby buffering land areas also appears to contribute to reducing capitalization.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1994
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