Table 8.

Effects of frequency downwind on property values.

Dependent variable:	Log price				Square feet
	(1)	(2)	(3)	(4)	(5)	(6)
Estimation method:	OLS	2SLS	OLS	2SLS	OLS	2SLS
Panel A: 1990–2000 sales
Frequency downwind	0.017	−0.112	−0.037	−0.140	208.5	124.7
	(0.078)	(0.173)	(0.049)	(0.094)	(186.3)	(351.3)
Effect of 1 SD change in frequency downwind	0.002	−0.015	−0.005	−0.018	27.1	16.2
Control for log sq. ft and date sold			Yes	Yes
Dependent variable mean	11.961	11.961	11.961	11.961	1311.2	1311.2
N	21,455	21,455	21,455	21,455	21,455	21,455
Panel B: 2006–2010 sales
Frequency downwind	0.017	−0.026	−0.069	−0.091	162.3	97.1
	(0.094)	(0.103)	(0.058)	(0.065)	(138.5)	(144.5)
Effect of 1 SD change in frequency downwind	0.002	−0.003	−0.009	−0.012	21.1	12.6
Control for log sq. ft and date sold			Yes	Yes
Dependent variable mean	13.029	13.029	13.029	13.029	1385.1	1385.1
N	21,713	21,713	21,713	21,713	21,713	21,713

Notes: Each cell represents a separate regression of the dependent variable on the percentage of time spent downwind of a major highway (OLS) or instrumented percentage of time spent downwind of a major highway (2SLS). The observation is a housing sale, and the sample is limited to sales in census blocks with centroids between a minimum of 50 m and a maximum of 600 m from major highways. The instruments are a set of seven indicator variables summarizing orientation to the nearest major highway. Parentheses contain spatial standard errors with a 3200 m bandwidth. All regressions include controls for distance to highway, weather station fixed effects, 800 m highway segment fixed effects, share African-American, and share over ages 50, 55, 60, 65, 70, and 75. Regressions in columns (3) and (4) include controls for log square footage and a cubic in time of sale (measured at the daily frequency).