THE EFFECTS OF ENVIRONMENTAL LIABILITY ON INDUSTRIAL REAL-ESTATE DEVELOPMENT

Authors
BOYD J HARRINGTON W MACAULEY MK
Citation
J. Boyd et al., THE EFFECTS OF ENVIRONMENTAL LIABILITY ON INDUSTRIAL REAL-ESTATE DEVELOPMENT, Journal of real estate finance and economics, 12(1), 1996, pp. 37-58
Citations number
36
Categorie Soggetti
Economics
Journal title
Journal of real estate finance and economics → ACNP
ISSN journal
08955638
Volume
12
Issue
1
Year of publication
1996
Pages
37 - 58
Database
ISI
SICI code
0895-5638(1996)12:1<37:TEOELO>2.0.ZU;2-5
Abstract
The paper explores the effects of current liability law on real estate transactions involving properties with potential environmental contam ination. Sources of uncertainty and their likely impact on transaction s are identified. Liability-driven market distortions are likely to be due less to legal uncertainty than to problems arising from asymmetri c information and imperfect detection.