Incomplete Information and Adverse Impacts of Environmental Cleanup
用特征价格法研究罗德岛州自愿棕色地块项目的外部效应，发现修复后房价下降，表明居民对风险信息不完全知情，且低房价社区受负面影响更大。
We use the hedonic method to examine the external effects of Rhode Island’s voluntary brownfield program. We hypothesize that housing price impacts are a combination of valuation of environmental improvement and response to information disclosure initiated by remediation. The results indicate that housing prices decline after nearby remediation, suggesting incomplete information about the presence of risk. Further, we find empirical evidence that price impacts and the degree of incomplete information are different across neighborhoods. Specifically, low-housing-value neighborhoods experience price declines following remediation, while high-value neighborhoods experience price increases, leading to an overall regressive impact. <i></i>