Legacies of Lead: Estimating Home Buyer Response to Potential Lead Exposure
研究一项基于信息的铅风险披露政策如何影响房价，发现高风险房屋价格下降7.7%，并改变了社区构成，表明政策意外影响了市场风险认知。
Excessive levels of lead in homes pose health hazards, but exposure is discerned ex post. As a precaution, local jurisdictions assign risk levels to neighborhoods based on contamination potential and require blood lead testing, leading to decreased desirability. This paper examines capitalization effects of lead risk disclosure from such an information-based policy, exploiting spatially varying implementation of a childhood lead reduction program identifying price effects via a triple-difference border discontinuity model. Information about lead risks lowers high-risk house prices by 7.7% while shifting neighborhood composition, suggesting the program altered risk perceptions, creating unintended consequences in the market. <i></i>