| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23854 |
| 来源ID | Working Paper 23854 |
| Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics: Going Under Water? | |
| Laura A. Bakkensen; Lint Barrage | |
| 发表日期 | 2017-09-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | How do climate risk beliefs affect coastal housing markets? This paper provides theoretical and empirical evidence. First, we build a dynamic housing market model and show that belief heterogeneity can reconcile the mixed empirical evidence on flood risk capitalization. Second, we implement a door-to-door survey in Rhode Island. We find significant flood risk underestimation and sorting based on flood risk beliefs and amenity values. Third, we quantify the model and estimate that coastal prices currently exceed fundamentals by around 13% in our benchmark setting, with the potential for significantly higher overvaluation in other areas. Finally, we quantify both allocative inefficiency and distributional consequences arising from flood risk misperceptions and flood insurance policy reform. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Environmental and Resource Economics ; Environment ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w23854 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581527 |
| 推荐引用方式 GB/T 7714 | Laura A. Bakkensen,Lint Barrage. Flood Risk Belief Heterogeneity and Coastal Home Price Dynamics: Going Under Water?. 2017. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w23854.pdf（817KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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