Neighborhood Demographics and the Distribution of Hazardous Waste Risks: An Instrumental Variables Estimation
Journal of Regulatory Economics, 2000, vol. 17, issue 2, 55 pages
This paper examines whether the marginal price of risk reduction varies by the demographic characteristics of neighborhoods. Using an instrumental-variables approach to control for the two-way relationship between housing prices and environmental risk, the paper finds that the marginal valuation of risk reduction is higher in high-education and high-income neighborhoods. The results also suggest that environmental risks are greater in neighborhoods with low-priced houses and in neighborhoods with low levels of collective action, suggesting that polluters consider these characteristics when making their siting decisions. Copyright 2000 by Kluwer Academic Publishers
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