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Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk

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Author Info

  • Okmyung Bin
  • Thomas W. Crawford
  • Jamie B. Kruse
  • Craig E. Landry

Abstract

Coastal amenities and risk are so highly correlated that separate identification within the hedonic framework is potentially challenging. In this study, we construct a three-dimensional measure of ocean view, viewscape, accounting for natural topography and built obstruction that varies independent of risk classification to disentangle these spatially integrated housing characteristics. A spatial autoregressive hedonic model is developed to provide consistent estimates of the willingness to pay for coastal amenities and risk. Our findings suggest that incorporating the GIS-based view measures can be successful in isolating risk factors from spatial amenities.

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File URL: http://le.uwpress.org/cgi/reprint/84/3/434
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Bibliographic Info

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

Volume (Year): 84 (2008)
Issue (Month): 3 ()
Pages: 434-448

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Handle: RePEc:uwp:landec:v:84:y:2008:i:3:p:434-448

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

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Cited by:
  1. Jeanne DACHARY-BERNARD (UR ADBX, CEMAGREF) & Sandrine LYSER (UR ADBX, CEMAGREF) & Frédéric GASCHET (GREThA, CNRS, UMR 5113) & Guillaume POUYANNE (GREThA, CNRS, UMR 5113) & Stéphane VIROL (GREThA, C, 2011. "Real Estate and Land Values on the shoreline: a transaction-level analysis (In French)," Cahiers du GREThA 2011-07, Groupe de Recherche en Economie Théorique et Appliquée.
  2. Monique DANTAS (GREThA UMR CNRS 5113) & Frédéric GASCHET (GREThA UMR CNRS 5113) & Guillaume POUYANNE (GREThA UMR CNRS 5113), 2010. "Regulatory zoning and coastal housing prices: a bayesian hedonic approach (In French)," Cahiers du GREThA 2010-12, Groupe de Recherche en Economie Théorique et Appliquée.
  3. Paul Hindsley & Stuart E. Hamilton & O. Ashton Morgan, 2011. "Gulf Views: Toward a Better Understanding of Viewshed Scope in Hedonic Property Models," Working Papers 11-06, Department of Economics, Appalachian State University.
  4. O. Ashton Morgan & Stuart E. Hamilton, 2009. "Disentangling Access and View Amenities in Access-restricted Coastal Residential Communities," Working Papers 09-10, Department of Economics, Appalachian State University.
  5. Walls, Margaret & Kousky, Carolyn & Chu, Ziyan, 2013. "Is What You See What You Get? The Value of Natural Landscape Views," Discussion Papers dp-13-25, Resources For the Future.
  6. 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.
  7. 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.
  8. Smith, Martin D. & Slott, Jordan M. & McNamara, Dylan & Brad Murray, A., 2009. "Beach nourishment as a dynamic capital accumulation problem," Journal of Environmental Economics and Management, Elsevier, vol. 58(1), pages 58-71, July.
  9. Bark, Rosalind H. & Osgood, Daniel E. & Colby, Bonnie G. & Halper, Eve B., 2011. "How Do Homebuyers Value Different Types of Green Space?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 36(2), August.
  10. Mihaescu, Oana & vom Hofe, Rainer, 2013. "The Impact of Brownfields on Residential Property Values in Cincinnati, Ohio: A Spatial Hedonic Approach," HUI Working Papers 85, HUI Research.
  11. W. Viscusi, 2009. "Valuing risks of death from terrorism and natural disasters," Journal of Risk and Uncertainty, Springer, vol. 38(3), pages 191-213, June.
  12. Morgan, O. Ashton & Hamilton, Stuart E., 2011. "Disentangling Access and View Amenities in Access-Restricted Coastal Residential Communities," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(02), May.
  13. Paul Thorsnes & Robert Alexander & David Kidson, 2011. "Low-income housing in high-amenity areas: Long-run impacts on residential development," Working Papers 1115, University of Otago, Department of Economics, revised Dec 2011.

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