Environmental Hazards and Residential Property Values: Evidence from a Major Pipeline Event
研究利用享乐定价模型，分析1999年华盛顿州贝灵厄姆市一条主要燃料管道破裂爆炸事故前后，住宅与管道距离对房价的影响。发现事故后房价显著下降，但影响随距离和时间衰减，表明事故提高了人们对环境危害的风险感知。
<i>This study uses a hedonic price model to estimate the effect of proximity to a major fuel pipeline on housing prices, both before and after a high-profile accident. Using data for Bellingham, Washington, the site of a 1999 rupture and explosion, we find no significant effect of proximity to the pipeline prior to the accident. Following the accident, we find a substantial price effect; however, the effect decays rapidly with distance from the pipeline and also diminishes over time. Results suggest that for this type of environmental hazard, an adverse event leads to an increase in perceived risk.</i>