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An Analysis of the Housing Market before and after the 1989 Loma Prieta Earthquake

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Author Info

  • Kurt J. Beron
  • James C. Murdoch
  • Mark A. Thayer
  • Wim P. M. Vijverberg

Abstract

Residential housing sales data from the San Francisco Bay area are merged with earthquake hazard measures, geologic measures, neighborhood quality measures, and community characteristics in order to estimate the hedonic price of earthquake risk before and after the October 17, 1989, Loma Prieta earthquake. The estimates suggest that the hedonic price fell after the earthquake, indicating that consumers had initially overestimated the earthquake hazard. This suggests that information about earthquake risks is imperfect and that some efficiency may be realized by devoting more resources to earthquake risk communication.

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Bibliographic Info

Article provided by University of Wisconsin Press in its journal Land Economics.

Volume (Year): 73 (1997)
Issue (Month): 1 ()
Pages: 101-113

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Handle: RePEc:uwp:landec:v:73:y:1997:i:1:p:101-113

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Web page: http://le.uwpress.org/

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Cited by:
  1. Julie Mueller & John Loomis & Armando González-Cabán, 2009. "Do Repeated Wildfires Change Homebuyers’ Demand for Homes in High-Risk Areas? A Hedonic Analysis of the Short and Long-Term Effects of Repeated Wildfires on House Prices in Southern California," The Journal of Real Estate Finance and Economics, Springer, vol. 38(2), pages 155-172, February.
  2. Daniel, Vanessa E. & Florax, Raymond J.G.M. & Rietveld, Piet, 2009. "Flooding risk and housing values: An economic assessment of environmental hazard," Ecological Economics, Elsevier, vol. 69(2), pages 355-365, December.
  3. Nakagawa, Masayuki & Saito, Makoto & Yamaga, Hisaki, 2007. "Earthquake risk and housing rents: Evidence from the Tokyo Metropolitan Area," Regional Science and Urban Economics, Elsevier, vol. 37(1), pages 87-99, January.
  4. Mueller, Julie M. & Loomis, John B., 2008. "Spatial Dependence in Hedonic Property Models: Do Different Corrections For Spatial Dependence Result in Economically Significant Differences in Estimated Implicit Prices?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 33(2), August.
  5. Naoi, Michio & Seko, Miki & Sumita, Kazuto, 2009. "Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes," Regional Science and Urban Economics, Elsevier, vol. 39(6), pages 658-669, November.
  6. Bin, Okmyung & Landry, Craig E., 2013. "Changes in implicit flood risk premiums: Empirical evidence from the housing market," Journal of Environmental Economics and Management, Elsevier, vol. 65(3), pages 361-376.
  7. Samarasinghe, Oshadhi & Sharp, Basil, 2010. "Flood prone risk and amenity values: a spatial hedonic analysis," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(4), December.
  8. Hallstrom, Daniel G. & Smith, V. Kerry, 2005. "Market responses to hurricanes," Journal of Environmental Economics and Management, Elsevier, vol. 50(3), pages 541-561, November.

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