This paper documents the effect of diesel vehicle registration restrictions introduced in Japan in 2001 in reducing suspended particulate matter (SPM) concentrations. The focus is on Aichi and Mie prefectures, home to a number of municipalities that were required to implement these restrictions in 2001. The paper then uses this intervention to estimate the causal effect of air pollution on land values. We obtain estimates of the elasticity of residential land prices with respect to SPM concentration of between −0.4 and −1.0. The revealed willingness to pay for the improvements in air quality induced by the intervention in Aichi and Mie is estimated at about US$7 billion. We also find evidence that net in-migration appears to be a key mechanism via which clean air was capitalized into higher land values. The results are robust to a number of estimation approaches and sample restrictions.

本文记录了2001年日本实施的柴油车辆注册限制对降低悬浮颗粒物（SPM）浓度的影响。重点是爱知县和三重县，这是2001年实施这些限制所必需的许多城市的所在地。然后，本文使用这种干预措施来估算空气污染对土地价值的因果关系。我们获得的住宅用地价格相对于SPM浓度在-0.4到-1.0之间的弹性估计。据透露，愿意通过爱知县和三重县的干预而改善空气质量的意愿约为70亿美元。我们还发现有证据表明，净移民看来是将清洁空气资本化为更高土地价值的关键机制。