Do Superfund Sites Affect Local Property Values? Evidence from a Spatial Hedonic Approach
Jack Schieffer and
Tyler Mark ()
No 235835, 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts from Agricultural and Applied Economics Association
The presence of Superfund sites can have substantial impacts on local property values. Previous studies using the traditional hedonic price model typically fail to account for spatial dependence or autocorrelation in residential housing. Jefferson County, Kentucky is home to Louisville, the largest city in the state. Seven different Superfund sites are located within or just outside the county border. This study shows that the usage of traditional hedonic pricing model leads to inefficient estimates compared to a spatial error hedonic model. This study also investigates sites in two different phases of the cleanup process, suggesting that median housing value is lower with proximity to deleted Superfund sites, but is not significantly affected by sites classified as final. Finally, the implications of multiple Superfund sites located with five miles of the block group centroid are investigated. This study finds that housing value is not significantly affected by additional Superfund sites.
Keywords: Environmental Economics and Policy; Land Economics/Use; Research Methods/ Statistical Methods; Resource /Energy Economics and Policy (search for similar items in EconPapers)
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