Stigmatized asset value: Is it temporary or long-term?

• 成果类型: Article
• 署名作者: McCluskey, JJ; Rausser, GC
• 署名单位: Washington State University; University of California System; University of California Berkeley
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/003465303765299800
• 发表日期: 2003-05
• 页码: 276-285
• 关键词: hazardous-waste sites; property-values; RISK; IMPACT

摘要

Stigma is a negative attribute of real estate acquired by environmental contamination and reflected in its value (Elliot-Jones, 1996). Using a model of neighborhood turnover with external economies, we show that both temporary stigma and long-term stigma are possible equilibrium outcomes after the discovery and cleanup of a hazardous waste site. The existence and duration of stigma are examined using hedonic price techniques with data from housing sales prices in Dallas County, Texas. We find that results depend critically on distance from the hazardous waste site. Neighborhood turnover due to changes in the level of poverty also appears likely.