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- Publisher Website: 10.1007/s10901-021-09845-w
- Scopus: eid_2-s2.0-85107604722
- WOS: WOS:000659777900001
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Article: Impacts of air pollution on urban housing prices in China
Title | Impacts of air pollution on urban housing prices in China |
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Authors | |
Issue Date | 2021 |
Publisher | Springer. The Journal's web site is located at http://link.springer.com/journal/10901 |
Citation | Journal of Housing and the Built Environment, 2021 How to Cite? |
Abstract | In this study, we examine pollution effects on urban housing prices in China, using a fixed effects 2SLS model on a 13-year (2005-2017) panel dataset of 237 prefecture-level cities. We find that urban housing prices are negatively associated with PM2.5 levels, presenting an elasticity of -0.32 for the entire sample. In large cities with an urban population of ≥5 million, the elasticity further increases in absolute value to -0.34, reflecting greater marginal benefit associated with a unit percentage PM2.5 reduction in a higher pollution band. In addition, PM2.5’s effects on housing markets present temporal variations, and the base elasticity of -0.29 for earlier periods increases to -0.33 in the post-2008 period, reflecting increased public awareness of pollution-caused health risk after the Beijing Olympic Games. In the post-2014 period, however, the elasticity declines to -0.24 with stricter pollution regulations introduced in late 2013 as part of the 12th Five Year Plan. Rational expectations regarding continued air-quality improvement in the future may underlie this trend. |
Persistent Identifier | http://hdl.handle.net/10722/304414 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | OU, Y | - |
dc.contributor.author | Zheng, S | - |
dc.contributor.author | Nam, K | - |
dc.date.accessioned | 2021-09-23T08:59:42Z | - |
dc.date.available | 2021-09-23T08:59:42Z | - |
dc.date.issued | 2021 | - |
dc.identifier.citation | Journal of Housing and the Built Environment, 2021 | - |
dc.identifier.uri | http://hdl.handle.net/10722/304414 | - |
dc.description.abstract | In this study, we examine pollution effects on urban housing prices in China, using a fixed effects 2SLS model on a 13-year (2005-2017) panel dataset of 237 prefecture-level cities. We find that urban housing prices are negatively associated with PM2.5 levels, presenting an elasticity of -0.32 for the entire sample. In large cities with an urban population of ≥5 million, the elasticity further increases in absolute value to -0.34, reflecting greater marginal benefit associated with a unit percentage PM2.5 reduction in a higher pollution band. In addition, PM2.5’s effects on housing markets present temporal variations, and the base elasticity of -0.29 for earlier periods increases to -0.33 in the post-2008 period, reflecting increased public awareness of pollution-caused health risk after the Beijing Olympic Games. In the post-2014 period, however, the elasticity declines to -0.24 with stricter pollution regulations introduced in late 2013 as part of the 12th Five Year Plan. Rational expectations regarding continued air-quality improvement in the future may underlie this trend. | - |
dc.language | eng | - |
dc.publisher | Springer. The Journal's web site is located at http://link.springer.com/journal/10901 | - |
dc.relation.ispartof | Journal of Housing and the Built Environment | - |
dc.rights | Accepted Manuscript (AAM) This is a post-peer-review, pre-copyedit version of an article published in [insert journal title]. The final authenticated version is available online at: https://doi.org/[insert DOI] | - |
dc.title | Impacts of air pollution on urban housing prices in China | - |
dc.type | Article | - |
dc.identifier.email | Nam, K: kmnam@hku.hk | - |
dc.identifier.authority | Nam, K=rp01953 | - |
dc.identifier.doi | 10.1007/s10901-021-09845-w | - |
dc.identifier.scopus | eid_2-s2.0-85107604722 | - |
dc.identifier.hkuros | 325402 | - |
dc.identifier.isi | WOS:000659777900001 | - |
dc.publisher.place | Berlin | - |