The impacts of underground petroleum releases on a homeowner's decision to sell: A difference-in-differences approach

《The impacts of underground petroleum releases on a homeowner's decision to sell: A difference-in-differences approach》

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关键字: Housing market; Property transaction; Discrete time duration model; Underground storage tank; Groundwater contamination; PROPERTY-VALUES; HOUSING-MARKET; BUYER INFORMATION; STORAGE TANKS; PRICES; TIME; CONTAMINATION; PERCEPTION; MODELS; STIGMA

作者单位: [Guignet, Dennis B.] US EPA, Natl Ctr Environm Econ, Mail Code 1809 T,1200 Penn Ave NW, Washington, DC 20460 USA. [Martinez-Cruz, Adan L.] Ctr Invest & Docencia Econ, Reg Ctr, Dept Econ, Circuito Tecnopolo Norte 117, Aguascalientes 20313, Mexico. [Martinez-Cruz, Adan L.] Swiss Fed Inst Technol, ZUE E8, Ctr Energy Policy & Econ, Zurichbergstr 18, CH-8092 Zurich, Switzerland. Guignet, DB (reprint author), US EPA, Natl Ctr Environm Econ, Mail Code 1809 T,1200 Penn Ave NW, Washington, DC 20460 USA. E-Mail: guignet.dennis@epa.gov; adan.martinez@cide.edu

摘要: Actual and perceived damages from environmental disamenities can disrupt a utility maximizing households otherwise optimal decision of when to sell their home. This study examines this relatively under-investigated topic with an empirical application to petroleum releases from leaking underground storage tanks, like those commonly found at gas stations. The ubiquity and relative homogeneity of this disamenity facilitates a difference in-differences methodology. The results reveal that the timing of home sales is impacted by leak and cleanup events at these disamenities; leading to both selling sooner and delaying a sale, depending on the event, presence of the primary exposure pathway, and the quality of the home. The implications of these results are discussed.