NEIGHBORHOOD DYNAMICS AND PRICE EFFECTS OF SUPERFUND SITE CLEAN‐UP*
研究超级基金场地清理对房价的直接和间接影响，发现直接效应不显著，但通过居民筛选和住房投资产生的间接效应可能为正，且结果受政策内生性和模型设定影响。
ABSTRACT Numerous hedonic price analyses estimate price effects associated with hazardous waste site remediation or other environmental variation. This paper estimates a neighborhood transition model to capture the direct price effect from Superfund site clean‐up and the indirect price effects arising from residential sorting and changes in investment in the housing stock following clean‐up. First‐difference models of neighborhood change and a national sample are used. This approach fails to find consistent positive direct price effects. Positive indirect effects, however, may arise through residential sorting and neighborhood investment spurred by remediation. The findings can be sensitive to policy endogeneity and model specification.