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The Effect of Risk Information on Housing Prices in Taiwan
Academia economic papers, 2022-03, Vol.50 (1), p.41-73
[Peer Reviewed Journal]
Copyright Institute of Economics, Academia Sinica Mar 2022 ;ISSN: 1018-161X ;EISSN: 1810-4851
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Title:
The Effect of Risk Information on Housing Prices in Taiwan
Author:
鄭子長(Tzu-Chang Forrest Cheng)
;
王泰期(Tai-Chi Wang)
;
朱建達(Jian-Da Zhu)
Subjects:
Apartments
;
Earthquakes
;
Economic theory
;
Economics
;
Housing
;
Housing prices
;
Perceptions
Is Part Of:
Academia economic papers, 2022-03, Vol.50 (1), p.41-73
Description:
This research uses a difference-in-differences framework to investigate the effect of new risk information on housing prices in Taiwan. The results show that this information changed individuals' subjective risk perceptions, so that housing prices in the highest-risk areas dropped, but only temporarily in the first three months after the disclosure. This information effect happened for those apartments lacking certain earthquake-resistant characteristics. In addition, we investigate the dynamics of the effect around the boundary. We demonstrate that individuals were able to form continuous risk beliefs based on discrete information, and the housing prices dropped more sharply for apartments located closer to the center of the highest-risk area. Furthermore, individuals had updated their risk beliefs differently for apartments with different levels of earthquake resistance. For apartments with the least earthquake resistance, the immediate price drops were larger, and the housing prices returned to normal more slowly, relative to the safer apartments. Most notably, the effect did not disappear at all for those apartments with the least earthquake resistance that were also located in the center of the highest-risk area.
Publisher:
Taipei: 中央研究院經濟研究所
Language:
English
Identifier:
ISSN: 1018-161X
EISSN: 1810-4851
Source:
Alma/SFX Local Collection
ProQuest Central
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