Air Pollution and Housing Values in Korea: A Hedonic Analysis with Long-range Transboundary Pollution as an Instrument

We estimate the degree and scope of PM 2.5 -induced negative price shock in Korea’s local housing markets, taking a two-stage hedonic approach. For the analysis, Korea’s local PM 2.5 levels are treated as endogenous and are instrumented with regional air pollutants from China. We find that a unit µg...

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Bibliographic Details
Published in:Environmental & resource economics 2022-06, Vol.82 (2), p.383-407
Main Authors: Nam, Kyung-Min, Ou, Yifu, Kim, Euijune, Zheng, Siqi
Format: Article
Language:English
Subjects:
air
Air pollution
Air quality
Economic Policy
Economics
Economics and Finance
Endogenous
Environmental Economics
Environmental Law/Policy/Ecojustice
Environmental Management
Housing
Housing market
Korean Peninsula
Literature
Outdoor air quality
Particulate matter
Pollutants
prices
Property values
Real estate
residential areas
Transboundary pollution
Valuation
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