L'impact des industries à risques sur le prix des logements : comparaison de modèles paramétriques et semi-paramétriques de prix hédoniquessemi-paramétriques de prix hédoniques

Households’ willingness to pay for prevention against industrial risks can be revealed by realestate markets. With highly detailed microdata, we study housing prices in the vicinity ofhazardous industries located near three important French cities (Bordeaux, Dunkirk andRouen). We show that the impact of hazardous plants on housing values strongly differsamong the three studied areas, even if they all surround chemical and petrochemicalindustries. We compare the results from standard parametric hedonic property models andfrom a more flexible, semiparametric hedonic property model. We show that the parametricmodel may structurally lead to an important bias in the estimated value of the impact ofhazardous plants on housing values and in its variations with respect to distance to theplants.