The University of Southampton
University of Southampton Institutional Repository

Sustainability transitions of contaminated sites: A global meta‐analysis on economic effects of remediation behaviour

Sustainability transitions of contaminated sites: A global meta‐analysis on economic effects of remediation behaviour
Sustainability transitions of contaminated sites: A global meta‐analysis on economic effects of remediation behaviour

The worldwide diversity of contaminated sites, coupled with a scarcity of available land presents a challenge for urban spatial planning and, has led to an increasing political significance for brownfield conservation and reuse to achieve land resource sustainability. In this study, economic or the so-called ‘rebound effects’ of land regeneration are studied via a global meta-analysis on value fluctuation of surrounding property. To this end, a total of 91 observations from 28 HPM (hedonic pricing model) studies were synthesized to conduct a meta-analysis following a conditional random effects procedure. The empirical results indicate that, in line with expectations, the conservation and recycling of land resource indeed generate significant rebound in the implicit price of residential houses, especially for those located within 2 km of contaminated sites. Before land remediation and reuse, dwellings closest in distance to contaminated sites experience the greatest value loss. On average, the depreciation in property values within the first 1 km distance from a contaminated site is about 8.18%, significantly at the 1% level, while the corresponding adverse impact from 1 to 2 km distance is a 4.8% price premium significantly at the 5% level. The significance of the stigma or rebound effects depends on 12 attributes, in which, house age, location, floor area ratio (FAR), and central business district (CBD) variables have the largest impact of −37.38% to 37.5%. From a practical perspective, the findings of this meta-analysis: (1) help refine contributing parameters in HPM studies to evaluate environmental economics; and (2) provide meaningful decision-making support for cost-effective remediation and benefit maximization.

brownfield remediation and regeneration, hedonic pricing method, meta-analysis, stigma and rebound effects, sustainable development
1085-3278
1775-1786
Li, Xiaonuo
05e8eb6d-45b7-49bd-8eae-2e1d5d1b4800
Yi, Shiyi
30938b88-6ef5-456e-bd21-8135a1e331a8
Cundy, Andrew B.
994fdc96-2dce-40f4-b74b-dc638286eb08
Chen, Weiping
932395b9-a198-453f-af8a-4e63f8505f8b
Li, Xiaonuo
05e8eb6d-45b7-49bd-8eae-2e1d5d1b4800
Yi, Shiyi
30938b88-6ef5-456e-bd21-8135a1e331a8
Cundy, Andrew B.
994fdc96-2dce-40f4-b74b-dc638286eb08
Chen, Weiping
932395b9-a198-453f-af8a-4e63f8505f8b

Li, Xiaonuo, Yi, Shiyi, Cundy, Andrew B. and Chen, Weiping (2022) Sustainability transitions of contaminated sites: A global meta‐analysis on economic effects of remediation behaviour. Land Degradation & Development, 33 (11), 1775-1786. (doi:10.1002/ldr.4270).

Record type: Review

Abstract

The worldwide diversity of contaminated sites, coupled with a scarcity of available land presents a challenge for urban spatial planning and, has led to an increasing political significance for brownfield conservation and reuse to achieve land resource sustainability. In this study, economic or the so-called ‘rebound effects’ of land regeneration are studied via a global meta-analysis on value fluctuation of surrounding property. To this end, a total of 91 observations from 28 HPM (hedonic pricing model) studies were synthesized to conduct a meta-analysis following a conditional random effects procedure. The empirical results indicate that, in line with expectations, the conservation and recycling of land resource indeed generate significant rebound in the implicit price of residential houses, especially for those located within 2 km of contaminated sites. Before land remediation and reuse, dwellings closest in distance to contaminated sites experience the greatest value loss. On average, the depreciation in property values within the first 1 km distance from a contaminated site is about 8.18%, significantly at the 1% level, while the corresponding adverse impact from 1 to 2 km distance is a 4.8% price premium significantly at the 5% level. The significance of the stigma or rebound effects depends on 12 attributes, in which, house age, location, floor area ratio (FAR), and central business district (CBD) variables have the largest impact of −37.38% to 37.5%. From a practical perspective, the findings of this meta-analysis: (1) help refine contributing parameters in HPM studies to evaluate environmental economics; and (2) provide meaningful decision-making support for cost-effective remediation and benefit maximization.

Text
Sustainability transitions of contaminated sites: A global meta‐analysis on economic effects of remediation behaviour - Accepted Manuscript
Download (11MB)
Text
Land Degrad Dev - 2022 - Li - Sustainability transitions of contaminated sites A global meta‐analysis on economic effects - Version of Record
Restricted to Repository staff only
Request a copy

More information

Accepted/In Press date: 19 March 2022
e-pub ahead of print date: 24 April 2022
Published date: 15 July 2022
Additional Information: Funding Information: National Natural Science Foundation of China, Grant/Award Number: 72104231; the National Key R&D Program of China, Grant/Award Number: 2020YFC1807500 Funding information Publisher Copyright: © 2022 John Wiley & Sons, Ltd.
Keywords: brownfield remediation and regeneration, hedonic pricing method, meta-analysis, stigma and rebound effects, sustainable development

Identifiers

Local EPrints ID: 457611
URI: http://eprints.soton.ac.uk/id/eprint/457611
ISSN: 1085-3278
PURE UUID: c35f857b-a872-478e-a24a-63923d6c6f0e
ORCID for Andrew B. Cundy: ORCID iD orcid.org/0000-0003-4368-2569

Catalogue record

Date deposited: 14 Jun 2022 16:38
Last modified: 17 Mar 2024 07:19

Export record

Altmetrics

Contributors

Author: Xiaonuo Li
Author: Shiyi Yi
Author: Andrew B. Cundy ORCID iD
Author: Weiping Chen

Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton: eprints@soton.ac.uk

ePrints Soton supports OAI 2.0 with a base URL of http://eprints.soton.ac.uk/cgi/oai2

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.

×