Pipeline incidents and property values

IF 5.5 3区 经济学 Q1 BUSINESS
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Abstract

The rapid expansion of pipelines during the U.S. shale oil and gas boom drew attention to the economic consequences of pipeline incidents. This study investigates the impacts of 426 gas distribution pipeline incidents on property values in the United States between 2010 and 2020. We find that only incidents that are both severe (involving explosion, ignition, or fatalities) and occurred on above-ground pipelines, which we define as high-profile incidents, have adverse effects on nearby property values, while other incidents have no measurable housing price effect. A difference-in-differences analysis finds that high-profile incidents significantly decrease property values within 1000 m by 8.2%, and the negative impact can persist for about eight years on average. Furthermore, we find a drop in transaction volume that lasts a short period after the incidents, suggesting an initial demand-side response. In contrast to the strong effects of pipeline incidents, we do not find statistically significant price effects from pipeline installation. We also demonstrate that there is substantial heterogeneity by the type of incident and that results based on studies of individual incidents should be generalized with caution.

管道事故和财产价值
在美国页岩油气繁荣时期,管道的迅速扩张引起了人们对管道事故经济后果的关注。本研究调查了 2010 年至 2020 年间美国 426 起输气管道事故对财产价值的影响。我们发现,只有既严重(涉及爆炸、着火或死亡)又发生在地面管道上的事故(我们将其定义为高知名度事故)才会对附近的房产价值产生不利影响,而其他事故对房价没有可衡量的影响。差异分析发现,高调事件会使 1000 米范围内的房产价值大幅下降 8.2%,这种负面影响平均会持续 8 年左右。此外,我们还发现交易量的下降在事件发生后持续了很短的时间,这表明最初的需求方反应。与管道事故的强烈影响形成对比的是,我们没有发现管道安装在统计上有显著的价格影响。我们还证明,不同类型的事故存在很大的异质性,因此基于单个事故的研究结果应谨慎推广。
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来源期刊
CiteScore
8.00
自引率
4.30%
发文量
91
期刊介绍: The Journal of Environmental Economics and Management publishes theoretical and empirical papers devoted to specific natural resources and environmental issues. For consideration, papers should (1) contain a substantial element embodying the linkage between economic systems and environmental and natural resources systems or (2) be of substantial importance in understanding the management and/or social control of the economy in its relations with the natural environment. Although the general orientation of the journal is toward economics, interdisciplinary papers by researchers in other fields of interest to resource and environmental economists will be welcomed.
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