An Economic Analysis of Lead Paint Laws

THE JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, Vol 12 No 1

Posted: 8 Jul 1998

See all articles by Thomas J. Miceli

Thomas J. Miceli

University of Connecticut - Department of Economics

Katherine A. Pancak

University of Connecticut - School of Business - Center for Real Estate and Urban Economic Studies

C. F. Sirmans

Florida State University - Department of Risk Management, Insurance, Real Estate & Business Law

Abstract

In this paper we develop a theoretical framework for determining whether laws designed to reduce lead paint risk are consistent with efficiency. We do this in the context of both owner-occupied and rental housing, and under different informational scenarios depending on who has knowledge about the risk. Our results suggest that efficient lead paint laws would impose on property owners and landlords a duty to notify buyers and tenants about known risks, but would not impose on them a duty to inspect for or abate the risk. Our review of the existing law shows that common law standards are largely consistent with the efficiency, but statutory law is not.

JEL Classification: R0

Suggested Citation

Miceli, Thomas J. and Pancak, Katherine A. and Sirmans, C. F., An Economic Analysis of Lead Paint Laws. THE JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS, Vol 12 No 1. Available at SSRN: https://ssrn.com/abstract=9020

Thomas J. Miceli (Contact Author)

University of Connecticut - Department of Economics ( email )

365 Fairfield Way, U-1063
Storrs, CT 06269-1063
United States
860-486-5810 (Phone)
860-486-4463 (Fax)

Katherine A. Pancak

University of Connecticut - School of Business - Center for Real Estate and Urban Economic Studies ( email )

368 Fairfield Road
Storrs, CT 06269
United States
860-486-1275 (Phone)
860-486-0349 (Fax)

C. F. Sirmans

Florida State University - Department of Risk Management, Insurance, Real Estate & Business Law ( email )

Tallahasse, FL 32306
United States
850 644-4076 (Phone)

HOME PAGE: http://www.cob.fsu.edu/rmi

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