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Spatial Spillovers in the Pricing of Flood Risk: Insights from the Housing Market

Journal of housing research, 2020, Vol.29 (sup1), p.S54-S85 [Peer Reviewed Journal]

Copyright Taylor & Francis Ltd. 2020 ;ISSN: 1052-7001 ;ISSN: 2691-1337 ;EISSN: 2691-1337 ;DOI: 10.1080/10527001.2020.1839336

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Title:
Spatial Spillovers in the Pricing of Flood Risk: Insights from the Housing Market
Author: Pommeranz, Carolin ; Steininger, Bertram I.
Subjects: Bias ; Climate change ; Condominiums ; Costs ; Econometrics ; Economics ; Environmental risk ; Fastigheter och byggande ; Flood control ; Flood damage ; flood hazards ; Flood insurance ; Flood management ; Floods ; Houses ; Housing ; Housing market ; Indirect effects ; Insurance ; Nationalekonomi ; Neighborhoods ; Prices ; Prone ; Real Estate and Construction Management ; Residential areas ; spatial econometrics ; spatial spillovers ; Spillovers ; Urban areas
Is Part Of: Journal of housing research, 2020, Vol.29 (sup1), p.S54-S85
Description: We analyze how direct and indirect effects (spatial spillovers) matter when estimating price effects for a property located in a flood zone. Using a spatial Durbin error model, we show the importance of indirect effects which amount to -6.5% for houses and -4.8% for condominiums in the flood-prone city of Dresden (Germany). Direct effects diminish when controlling for spatial spillovers. Our results are generally robust across different model specifications, urban areas, and riskadjusted prices that include insurance costs. Thus, ignoring indirect flood effects can lead to flood management that is inefficient and cost-ineffective, as the economic consequences are underestimated.
Publisher: Washington: Taylor & Francis Ltd
Language: English
Identifier: ISSN: 1052-7001
ISSN: 2691-1337
EISSN: 2691-1337
DOI: 10.1080/10527001.2020.1839336
Source: SWEPUB Freely available online
ProQuest Central

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Spatial Spillovers in the Pricing of Flood Risk: Insights from the Housing Market

Copyright Taylor & Francis Ltd. 2020 ;ISSN: 1052-7001 ;ISSN: 2691-1337 ;EISSN: 2691-1337 ;DOI: 10.1080/10527001.2020.1839336

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