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Browsing by Author "Penfield, Walker K."

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    Puffed Up Prices: Estimating the Effect of Cannabis Retailers on Local Property Values

    (2025-04-10) Penfield, Walker K.; Kapor, Adam

    This paper investigates the degree to which the costs and benefits of cannabis retailers are capitalized into local residential property values. Using a unique application of firm entry decision modeling alongside a difference‐in‐differences estimation strategy, I study transactions before and after the entry of nearby dispensaries in Massachusetts. At the property level, I find a 2.7%–4.5% entry effect, while average ZIP-code price remains unaffected. This research challenges a common perception that such outlets will negatively impact local economic welfare, providing empirical evidence that could be used to help inform municipal zoning and licensing decisions.