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The external cost of asbestos in the housing market

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  • Ermanno Affuso
  • J. Reid Cummings
  • Huubinh Le

Abstract

This study uses a Generalized Method of Moments spatial error hedonic model to estimate the potential impact of asbestos on residential property prices. The analysis examines a large sample of 32,403 housing sales occurring between 2008 and 2015 in a fast-growing Coastal Alabama region. Results indicate the presence of asbestos depreciates house values by 13.44%, translating into an external cost of approximately $25,300 per property.

Suggested Citation

  • Ermanno Affuso & J. Reid Cummings & Huubinh Le, 2018. "The external cost of asbestos in the housing market," Applied Economics Letters, Taylor & Francis Journals, vol. 25(6), pages 397-400, March.
    • Handle: RePEc:taf:apeclt:v:25:y:2018:i:6:p:397-400
    DOI: 10.1080/13504851.2017.1327114
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