Housing Market Capitalization of Pipeline Risk: Evidence from a Shock to Salience and Awareness
研究了2010年加州圣布鲁诺致命管道爆炸后，湾区靠近管道的房价下跌2%，但该效应迅速消失，表明购房者仅在关注时愿为规避管道风险付费，且这种关注难以持续。
<h3>Abstract</h3> We study how house prices responded to a deadly 2010 pipeline explosion in San Bruno, CA, which shocked both attention and information. We find that home prices near pipelines in the Bay Area declined by 2% initially, but this gap quickly dissipated. We see no response among properties similarly exposed in other markets, nor in response to an informational letter sent to households the following year. These results suggest that homebuyers are willing to pay to avoid pipeline risk when the issue has their attention, but that this attention is hard to capture and fleeting.