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Air Pollution and Housing Values in Korea: A Hedonic Analysis with Long-range Transboundary Pollution as an Instrument
Cited 3 time in
Web of Science
Cited 3 time in Scopus
- Authors
- Issue Date
- 2022-06
- Publisher
- Kluwer Academic Publishers
- Citation
- Environmental and Resource Economics, Vol.82 No.2, pp.383-407
- Abstract
- We estimate the degree and scope of PM2.5-induced negative price shock in Korea's local housing markets, taking a two-stage hedonic approach. For the analysis, Korea's local PM2.5 levels are treated as endogenous and are instrumented with regional air pollutants from China. We find that a unit mu g/m(3) PM2.5 level increase in a Korean city is associated with a 3.7% decline in local residential property value. Long-range transboundary pollution has significant effects on Korea's local PM2.5 levels with an elasticity of 0.05. These results enrich the sparse hedonic literature on local air-quality valuation in connection to long-range transboundary pollution in East Asia. The advanced methodological features presented in our two-staged identification strategy with a novel instrument is another contribution of this paper.
- ISSN
- 0924-6460
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