The external cost of asbestos in the housing market
Ermanno Affuso (),
J. Reid Cummings and
Applied Economics Letters, 2018, vol. 25, issue 6, 397-400
This study uses a Generalized Method of Moments spatial error hedonic model to estimate the potential impact of asbestos on residential property prices. The analysis examines a large sample of 32,403 housing sales occurring between 2008 and 2015 in a fast-growing Coastal Alabama region. Results indicate the presence of asbestos depreciates house values by 13.44%, translating into an external cost of approximately $25,300 per property.
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