Estimating the Effect of Crime Risk on Property Values and Time on Market: Evidence from Megan's Law in Virginia
研究注册性犯罪者住所邻近带来的感知风险对房产价格和流动性的负外部性，发现价格下降、上市时间延长，且对卧室多（有孩子）的房屋和暴力犯罪者附近影响更大。
We examine neighborhood externalities that arise from the perceived risk associated with the proximity of a registered sex offender's residence. We find large negative externality effects on a property's price and liquidity, employing empirical techniques that include a fixed‐effects OLS model, a correction for sample selection bias and censoring using a Heckman treatment, and a three‐stage least‐squares model to account for simultaneity bias in the joint determination of a home's sale price and liquidity. Additionally, we find amplified effects for homes with more bedrooms (a proxy for children) and if the nearby offender is designated by the state as “violent.”