The dynamics of house price responsiveness and locational sorting: Evidence from air quality changes

被引：18
作者：
Lang, Corey [1 ]
机构：
[1] Univ Rhode Isl, Dept Environm & Nat Resource Econ, Kingston, RI 02881 USA
来源：
REGIONAL SCIENCE AND URBAN ECONOMICS | 2015年 / 52卷
关键词：
Hedonic valuation; Price dynamics; Capitalization; Sorting; Air quality; ENVIRONMENTAL-REGULATION; MATTER; CAPITALIZATION; INVESTMENTS; MORTALITY; BENEFITS;
D O I：
10.1016/j.regsciurbeco.2015.02.005
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Despite extensive use of housing data to reveal valuation of non-market goods, the process of house price adjustment remains vague. Using the restricted access American Housing Survey, a high-frequency panel of prices, turnover, and occupant characteristics, this paper examines the time path of prices and preference-based sorting in response to air quality changes caused by differential regulatory pressure from the 1990 Clean Air Act Amendments. The results suggest that owner-occupied units capitalize changes quickly, whereas rent prices lag behind amenity levels. The delayed but sharp rent response temporally coincides with evidence of sorting, indicating a strong link between location choices and price dynamics. (C) 2015 Elsevier B.V. All rights reserved.
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页码：71 / 82
页数：12
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