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.

引用

页码：71 / 82

页数：12

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