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How does a change in risk perception affect the housing market ? Evidence from an industrial accident in France

Marianne Bléhaut

ERSA conference papers from European Regional Science Association

Abstract: In 2001, the AZF plant exploded in Toulouse (France). The accident was unexpected, it strongly damaged local housing and benefited from a wide media coverage. It provides a rare opportunity to analyze the consequences of a shift in risk perception on housing markets and neighborhoods subject to industrial risk. Using a difference-in-difference matching strategy, this paper shows that although transaction prices do not change as a result of this shift, local housing markets are indeed affected. In particular, the vacancy rate increases, and the standard of living in the at-risk areas tends to deteriorate.

JEL-codes: R20 R21 R23 C21 (search for similar items in EconPapers)
Date: 2014-11
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