The Housing Market Impacts of Shale Gas Development
Влияние разработки сланцевого газа на рынок жилья
2015-12-01
SCID: 54.1/5y4w9mdq
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Pennsylvaniagroundwater-dependent homeshedonic property valuationhousing market impactsshale gas development
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Abstract (AI)
Using data from Pennsylvania and an array of empirical techniques to control for confounding factors, we recover hedonic estimates of property value impacts from nearby shale gas development that vary with water source, well productivity, and visibility. Results indicate large negative impacts on nearby groundwater-dependent homes, while piped-water-dependent homes exhibit smaller positive impacts, suggesting benefits from lease payments. Results have implications for the debate over regulation of shale gas development. (JEL L71, Q35, Q53, R31)
Key Findings
1
Estimated property-value impacts vary according to water source, shale-well productivity, and development visibility.
2
Homes connected to piped water experience smaller positive property-value effects, consistent with benefits from lease payments.
3
Nearby shale gas development substantially reduces property values for homes dependent on groundwater.
4
The study uses Pennsylvania data and multiple empirical techniques to control for confounding factors, informing shale-gas regulation debates.
Research Object
Pennsylvania homes and their nearby shale gas development
Research Subject
Property value impacts of nearby shale gas development, varying by water source, well productivity, and visibility
Publication Details
Publication Date
2015-12-01
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