The Coal Transition and Its Implications for Health and Housing Values
利用2005-2020年美国三分之一燃煤电厂关闭的自然实验，研究发现电厂关闭显著改善了周边30英里内居民的健康状况，但住房价值仅在15英里内且全部机组关闭时才体现这一改善，凸显风险认知对市场定价的作用。
<h3>Abstract</h3> From 2005–2020, one-third of US coal plants had at least one coal-fired generator close. We utilize this natural experiment to estimate the effect of coal plant exposure on mortality and house values. Using a difference-in-differences design, we find that counties within 30 miles of a closing unit experience large health effects following shutdown. While these health improvements appear to capitalize into housing values, they only do so within 15 miles of the plant and only when the retirement is of all units. Taken together, these results underscore the importance of risk salience in shaping market-mediated price effects.