Keywords: evaluation, hazardous waste sites, property values, hedonic price method, environmental value transfer, France, polluted sites, environmental pollution, lead foundry, USA, United States
Hazardous waste sites and property values: a French case study in the light of US analyses
This paper aims to evaluate the impact of a polluted site on property values by using the hedonic price method. The case study concerns a lead foundry in a previously industrialised area in northern France. The results are fairly convincing. The impact is confirmed, but appears to be especially apparent at relatively close distances. More than one mile away, the impact is much weaker. Moreover, a chronological analysis, which includes interaction terms, allows one to demonstrate a significant variability in results, depending upon the years being examined. The results obtained are compared with those derived from US studies. It appears that more than one mile away, the calculated impact values are fairly similar, about 1?2% of the average value of a house. In contrast, bearing in mind the higher average property values in the USA, gradient prices in absolute values are, in general, higher in that country.