“…Section V shows that the closure of the refinery led to a reduction in air pollution. Bearing in mind the positive effect of the closure on the aesthetic value of the site's vicinity and on health (Lavaine, 2016), Section VI shows, in parallel, that the effects of the refinery closure on property prices are not always what one might expect. This paper assumes, in a context of localized changes, with potential heterogeneity in preferences, data regarding the capitalization effects at the tract level may fail to provide credible measures of consumer welfare.…”