| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w11667
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| 来源ID | Working Paper 11667
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| The Effect of Joint and Several Liability Under Superfund on Brownfields |
| Howard F. Chang; Hilary Sigman
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| 发表日期 | 2005-10-03
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| 出版年 | 2005
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| 语种 | 英语
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| 摘要 | In response to claims that the threat of environmental liability under the Superfund law deters the acquisition of potentially contaminated sites (or "brownfields") for redevelopment, the federal government has adopted programs to protect purchasers from liability. This protection may be unwarranted, however, if sellers can simply adjust property prices downward to compensate buyers for this liability. We present a model of joint and several liability under Superfund that allows us to distinguish four different reasons that this liability may discourage the purchase of brownfields. The previous literature has overlooked the effects that we identify, which all arise because a sale may increase the number of defendants in a suit to recover cleanup costs. Our analysis suggests that the brownfields problem may be more widespread than one might infer from the prior literature. Furthermore, the effects that we identify may distort not only the incentives to sell property subject to Superfund liability but also any decision of any party subject to any joint and several liability if that decision could affect the number of other defendants liable for the same harm. |
| 主题 | Environmental and Resource Economics
; Environment
; Other
; Law and Economics
; Regional and Urban Economics
; Real Estate
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| URL | https://www.nber.org/papers/w11667
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569313
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推荐引用方式
GB/T 7714 |
Howard F. Chang,Hilary Sigman. The Effect of Joint and Several Liability Under Superfund on Brownfields. 2005.
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文件名：
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w11667.pdf
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格式：
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Adobe PDF
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