The Local Economic and Welfare Consequences of Hydraulic Fracturing

• 成果类型: Article
• 署名作者: Bartik, Alexander W.; Currie, Janet; Greenstone, Michael; Knittel, Christopher R.
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; Princeton University; National Bureau of Economic Research; University of Chicago; Massachusetts Institute of Technology (MIT)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.20170487
• 发表日期: 2019
• 页码: 105-155
• 关键词: gas development; housing values; OIL; QUALITY; impacts; state; boom

摘要

Exploiting geological variation and timing in the initiation of hydraulic fracturing, we find that fracking leads to sharp increases in oil and gas recovery and improvements in a wide set of economic indicators. There is also evidence of deterioration in local amenities, which may include increases in crime, noise, and traffic and declines in health. Using a Rosen-Roback-style spatial equilibrium model to infer the net welfare impacts, we estimate that willingness-to-pay (WTP) for allowing fracking equals about $2,500 per household annually (4.9 percent of household income), although WTP is heterogeneous, ranging from more than $10,000 to roughly 0 across 10 shale regions.