MODELING THE EFFECTS OF REFINERY EMISSIONS ON RESIDENTIAL PROPERTY VALUES

Robert A. Simons (), Youngme Seo and Paul Rosenfeld
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Robert A. Simons: Cleveland State University
Youngme Seo: Univ.of. Arkansas-LR
Paul Rosenfeld: SWAPE, LA, CA

Journal of Real Estate Research, 2015, vol. 37, issue 3, 321-342

Abstract: This research studied the effects of refinery air pollution on house prices near Houston, Texas. The affected area was identified through AERMOD air modeling of past releases of sulfur dioxide, a proxy for respiratory risk. A total of 3,964 residential MLS sales from 2006-2011 were used to populate an OLS model, a spatial model, and a spatial model with an additional endogenous variable. Findings indicate that air pollution has a significant negative 6-8% loss on house prices. For one year, the negative effect is shown to generally diminish with distance up to about two miles from the refinery.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (5)

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