Zheng, Siqi; Cao, Jing; Kahn, Matthew; Sun, Cong - In: The Journal of Real Estate Finance and Economics 48 (2014) 3, pp. 398-414
Within an open system of cities, compensating differentials theory predicts that local real estate prices will be higher in cities with higher quality non-market local public goods. In this case, more polluted cities will feature lower home prices. A city’s air pollution levels depend on...