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Incomplete Information and Adverse Impacts of Environmental Cleanup
Accepted at Land Economics (2017)
  • Corey Lang
  • Patrick Cavanagh
This paper uses the hedonic method to examine the external effects of Rhode Island’s voluntary brownfield program in the time span 2003-2013. We hypothesize that housing price impacts are a combination of valuation of environmental improvement and response to information disclosure initiated by remediation. The results indicate that housing prices decline after nearby remediation, suggesting incomplete information about the presence of risk. Further, we find empirical evidence that price impacts and the degree of incomplete information are different across neighborhoods. Specifically, low housing value neighborhoods experience price declines following remediation while high value neighborhoods experience price increases, leading to an overall regressive impact of the program. 
Publication Date
March 1, 2017
Citation Information
Corey Lang and Patrick Cavanagh. "Incomplete Information and Adverse Impacts of Environmental Cleanup" Accepted at Land Economics (2017)
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