Zheng, Siqi; Cao, Jing; Kahn, Matthew; Sun, Cong - In: The Journal of Real Estate Finance and Economics 48 (2014) 3, pp. 398-414
home prices. A city’s air pollution levels depend on economic activity within the city and on cross-border pollution … externalities. In this paper, we demonstrate that air pollution in Chinese cities is degraded by cross-boundary externalities. We … use this exogenous source of variation in a city’s air pollution to present new robust estimates of the real estate impact …