Assessing the housing price capitalization of non-destructive flooding events

IF 1.2 Q3 ECONOMICS

Research in Economics Pub Date : 2023-06-01 DOI:10.1016/j.rie.2022.10.003

Mitchell R. Livy

引用次数: 0

Abstract

Flooding poses significant costs to communities and is expected to vary in intensity and severity in the future. Previous research has shown that major flooding events significantly affect housing markets; however, perceptions of non-destructive flooding events have not been adequately studied. In this paper, I examine the housing price capitalization of elevated river levels that did not reach the major flood stage to measure their influence on flooding risk perceptions. Estimates from a property fixed effects hedonic model provide evidence that housing prices respond heterogeneously to non-destructive flooding, with a negative and significant effect in the 100 year floodplain, but not the 500 year floodplain or other areas. These results show that a major event is not necessary for residents to update their beliefs and can inform future extreme natural event policy.

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评估非破坏性洪水事件的房价资本化

洪水给社区造成了巨大损失，预计未来洪水的强度和严重程度会有所不同。先前的研究表明，重大洪水事件会对房地产市场产生重大影响;然而，对非破坏性洪水事件的认识尚未得到充分研究。在本文中，我研究了未达到主要洪水阶段的河流水位升高的房价资本化，以衡量它们对洪水风险感知的影响。财产固定效应享乐模型的估计提供了证据，表明房价对非破坏性洪水的反应是不均匀的，在100年洪泛区有显著的负面影响，而在500年洪泛区或其他地区则没有。这些结果表明，重大事件并不需要居民更新他们的信念，并可以为未来的极端自然事件政策提供信息。

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

Research in Economics ECONOMICS-

CiteScore

1.40

自引率

0.00%

发文量

审稿时长

89 days

期刊介绍： Established in 1947, Research in Economics is one of the oldest general-interest economics journals in the world and the main one among those based in Italy. The purpose of the journal is to select original theoretical and empirical articles that will have high impact on the debate in the social sciences; since 1947, it has published important research contributions on a wide range of topics. A summary of our editorial policy is this: the editors make a preliminary assessment of whether the results of a paper, if correct, are worth publishing. If so one of the associate editors reviews the paper: from the reviewer we expect to learn if the paper is understandable and coherent and - within reasonable bounds - the results are correct. We believe that long lags in publication and multiple demands for revision simply slow scientific progress. Our goal is to provide you a definitive answer within one month of submission. We give the editors one week to judge the overall contribution and if acceptable send your paper to an associate editor. We expect the associate editor to provide a more detailed evaluation within three weeks so that the editors can make a final decision before the month expires. In the (rare) case of a revision we allow four months and in the case of conditional acceptance we allow two months to submit the final version. In both cases we expect a cover letter explaining how you met the requirements. For conditional acceptance the editors will verify that the requirements were met. In the case of revision the original associate editor will do so. If the revision cannot be at least conditionally accepted it is rejected: there is no second revision.