Disparities in Pollution Capitalization Rates: The Role of Direct & Systemic Discrimination

We examine how exogenous changes in air pollution exposure over the past two decades have altered disparities in home values between Black and White homeowners. We find that air quality capitalization rates are significantly lower for Black homeowners, so much lower that, despite secular reductions本研究探讨了过去二十年间空气污染暴露水平的外生变化，如何改变了黑人与白人房主之间的住房价值差距。研究发现，黑人房主的空气质量资本化率显著更低。事实上，该比率低至如此程度，以至于