What Do Property Values Really Tell Us? A Hedonic Study of Underground Storage Tanks
利用准实验和空间计量方法，发现传统距离法未显示房价受地下储油罐影响，但结合家庭地下水检测数据后，发现知情家庭房产贬值11%。
Hedonic property value models are widely used but are susceptible to potentially invalid conjectures based on the assumed measure of environmental quality. This paper focuses on an application where this is of particular concern: leaking underground storage tanks. I estimate a hedonic model using quasi-experimental and spatial econometric techniques. Similar to previous studies, I examine how house prices vary with distance to the disamenity. This approach yields little evidence that prices are adversely impacted. However, to better measure risks I utilize home-specific data on groundwater well tests and correspondence from regulators, and find an 11% depreciation when households are well informed. <i></i>