 |
| The Effects of Refineries on
Neighborhood Property Values Author: Patrick C. Flower and Wade R. Ragas Start Page: 319 Abstract: Capitalization of
negative neighborhood externalities may be affected over time by household sorting, events
that attain public notoriety and the relative proximity of adjacent parcels to the
externality. Using a 1,999-observation database spanning thirteen years all three of these
issues are empirically investigated for two petrochemical refineries. As expected,
evidence of sorting, short-term event effects and nearby proximity are all found to be
contributors to capitalization. The extent of nearby buffering land areas also appears to
contribute to reducing capitalization. |
