Information and Bargaining in Markets for Environmental Quality
通过调查购房者对当地环境不利因素的了解程度，发现信息不足的购房者普遍存在，而知情者会压低房价。
This paper explores the role of information on residential real estate prices. Housing transactions from 1990 formed the sample frame for surveying home buyers on their knowledge of local environmental disamenities, both at the time their homes were purchased, and when the survey was conducted. Of particular interest was home buyers' knowledge of nearby landfill sites. Because of clustering of survey responses, a sample selection model that combines transaction data with 1990 census micro data was used. The results suggest that home buyers are poorly informed about disamenities, and that those who are informed bid down the price of a home.