The Impact of Environmental Contamination on Condo Prices: A Hybrid Repeat‐Sale/Hedonic Approach
研究使用混合特征价格和重复销售方法，分析亚利桑那州斯科茨代尔地下水污染对公寓价格的折扣效应，发现污染公开后几年才出现显著折扣，且在研究期结束前消失。
We extend the literature on the impact of externalities using an approach based on a hybrid of hedonic and repeat‐sales methods. The externality in question is groundwater contamination in Scottsdale, Arizona. The use of condominium sales allows us to assume that major physical characteristics remain unchanged, but location parameters may be altered by urban growth and development as well as contamination. We find an economically significant discount for properties located in the contaminated area. Interestingly, it does not appear until several years after the contamination becomes publicly known, and it seems to have disappeared before the end of the study period.