The decisions on the siting of hazardous facilities and compensation for nearby landowners depend on an accurate estimation of the negative externalities these facilities place on proximate land uses, primarily residential properties. In this paper, we highlight the sensitivity of these estimates to the treatment of distance from the hazard and to the presence of other nearby externality generating land uses identified at a highly granular geographic level. We find that estimated spillovers are quite sensitive to highly localized treatment of other land uses and that naive parametric specifications yield misleading results. Unlike previous work, we find proximity to a major oil pipeline results in lower house prices: properties adjacent to a property with a pipeline easement transact for 2.2% ($C 15.8k) less and those one property further away 1.6% ($C 11k) less than more distant residential properties. These effects vary by the type of land use on which the pipeline easement lies. Difference-in-differences tests indicate that the price effects of proximity respond to information shocks that remind potential buyers of pipeline risks but not those shocks that merely remind them of the presence of the pipeline. However, the effects of an information shock, in this case a nearby spill on the pipeline, dissipate within 18 months.

中文翻译：

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环境危害：土地利用负外部性的微观地理

关于危险设施选址和附近土地所有者补偿的决定取决于对这些设施对邻近土地用途（主要是住宅物业）的负外部性的准确估计。在本文中，我们强调了这些估计对处理与灾害的距离的敏感性以及对在高度精细的地理水平上确定的其他附近产生土地利用的外部性的敏感性。我们发现估计的溢出效应对其他土地利用的高度本地化处理非常敏感，并且幼稚的参数规范会产生误导性结果。与之前的工作不同，我们发现靠近主要输油管道会导致房价下降：与拥有管道地役权的房产相邻的房产的交易价格要低 2.2%（1.58 万加元），而距离较远的房产则要低 1。比更远的住宅物业低 6% ($C 11k)。这些影响因管道地役权所在的土地利用类型而异。差异测试表明，邻近性的价格效应对提醒潜在买家管道风险的信息冲击作出反应，而不是对那些仅仅提醒他们管道存在的冲击作出反应。然而，信息冲击的影响，在这种情况下是管道附近的泄漏，会在 18 个月内消散。