Abstract
The paper explores the effects of current liability law on real estate transactions involving properties with potential environmental contamination. Sources of uncertainty and their likely impact on transactions are identified. Liability-driven market distortions are likely to be due less to legal uncertainty than to problems arising from asymmetric information and imperfect detection.
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Boyd, J., Harrington, W. & Macauley, M.K. The effects of environmental liability on industrial real estate development. J Real Estate Finan Econ 12, 37–58 (1996). https://doi.org/10.1007/BF00127765
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DOI: https://doi.org/10.1007/BF00127765