Record Display for the EPA National Library Catalog

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Main Title Impact of Imperfect Information on the Transactions of Contaminated Properties.
Author Zabel, J. ;
CORP Author Environmental Protection Agency, Washington, DC. National Center for Environmental Economics.
Publisher Jan 2007
Year Published 2007
Report Number EPA/WP-07-03;
Stock Number PB2007-107549
Additional Subjects Contaminated properties ; Environmental problems ; Incomplete information ; Transactions ; Recommendations ;
Holdings
Library Call Number Additional Info Location Last
Modified
Checkout
Status
NTIS  PB2007-107549 Some EPA libraries have a fiche copy filed under the call number shown. 07/26/2022
Collation 46p
Abstract
The well documented existence of hundreds of thousands of contaminated properties is a major environmental problem in the United States. Recently, there has been a lot of discussion in the academic literature and political arena about the benefits of the redevelopment of contaminated sites. Given that there may be positive net benefits, why is it that these sites have not been cleaned up and redeveloped. The focus of this paper is analyzing how incomplete information can deter the transactions of contaminated sites. First, a model of contaminated property transactions is developed. Second, the concept of incomplete information is defined and applied to this model. It is then shown how incomplete information can deter socially optimal transactions of contaminated properties. Third, a framework for empirically estimating the impact of incomplete information on property transactions is developed. Fourth, a framework for measuring the associated welfare loss from the reduced rate of property transactions is established. Fifth, recommendations about how to proceed in this relatively new area of research are provided, particularly with respect to estimating the empirical model.