Multiple hazards and residential rents in Switzerland: Who pays the price of extreme natural events?

IF 6.6 2区经济学 Q1 ECOLOGY

Ecological Economics Pub Date : 2024-12-18 DOI:10.1016/j.ecolecon.2024.108485

F.J. Blok, F. Fuerst

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引用次数: 0

Abstract

Natural hazard risk is captured in property prices through two principal channels: the risk to the building and the risk to its occupiers. These two effects are typically bundled up in transaction prices, thereby becoming individually unobservable. This study analyses residential rents as those should solely represent the risk to occupiers, who pay for their own losses in the case of a natural hazard event, but not for the owner's potential damage to the asset. Applying a hedonic framework to a sample of 18,339 dwellings across Switzerland, we examine the relationship between residential rents and exposure to five different climate-related natural hazards, some of which have been hitherto understudied. Strong evidence of a small rental discount of 1.4 % is found for dwellings that are subject to moderate flood hazard. Similar, albeit weaker, estimates are found for surface runoff hazard. Gravitational hazards including landslide, debris flow, and hillslope debris flow are not associated with significantly lower rents, possibly due to the small sample size. Our findings imply that not all natural hazard risk is reflected in the cost-side of the profit-equation in commercial residential real estate, but partly manifests itself in the form of reduced income, which is often less apparent.

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瑞士的多重灾害和住宅租金：极端自然事件的代价由谁来买单？

自然灾害风险通过两个主要渠道反映在房地产价格中：对建筑物的风险和对其居住者的风险。这两种效应通常被捆绑在交易价格中，因此变得单独不可观察。本研究分析了住宅租金，因为这些租金应该仅代表居住者的风险，在自然灾害事件的情况下，他们支付自己的损失，而不是业主对资产的潜在损害。我们将享乐框架应用于瑞士的18339个住宅样本，研究了住宅租金与暴露于五种不同的气候相关自然灾害之间的关系，其中一些迄今为止尚未得到充分研究。强有力的证据表明，对于遭受中度洪水灾害的住宅，租金折扣为1.4%。类似的，尽管较弱的，对地表径流危害的估计。包括滑坡、泥石流和山坡泥石流在内的重力危害与显著较低的租金没有关联，可能是由于样本量小。我们的研究结果表明，并非所有的自然灾害风险都反映在商业住宅房地产利润方程的成本方面，但部分表现为收入减少，这往往不太明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Ecological Economics 环境科学-环境科学

CiteScore

12.00

自引率

5.70%

发文量

313

审稿时长

6 months

期刊介绍： Ecological Economics is concerned with extending and integrating the understanding of the interfaces and interplay between "nature''s household" (ecosystems) and "humanity''s household" (the economy). Ecological economics is an interdisciplinary field defined by a set of concrete problems or challenges related to governing economic activity in a way that promotes human well-being, sustainability, and justice. The journal thus emphasizes critical work that draws on and integrates elements of ecological science, economics, and the analysis of values, behaviors, cultural practices, institutional structures, and societal dynamics. The journal is transdisciplinary in spirit and methodologically open, drawing on the insights offered by a variety of intellectual traditions, and appealing to a diverse readership. Specific research areas covered include: valuation of natural resources, sustainable agriculture and development, ecologically integrated technology, integrated ecologic-economic modelling at scales from local to regional to global, implications of thermodynamics for economics and ecology, renewable resource management and conservation, critical assessments of the basic assumptions underlying current economic and ecological paradigms and the implications of alternative assumptions, economic and ecological consequences of genetically engineered organisms, and gene pool inventory and management, alternative principles for valuing natural wealth, integrating natural resources and environmental services into national income and wealth accounts, methods of implementing efficient environmental policies, case studies of economic-ecologic conflict or harmony, etc. New issues in this area are rapidly emerging and will find a ready forum in Ecological Economics.