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U.S. housing prices and the Fukushima nuclear accident: To update, or not to update, that is the question

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  • Alexander Fink

    ()

  • Thomas Stratmann

    ()

Abstract

Did the nuclear catastrophe at Fukushima in March 2011 cause individuals to reappraise the risks they attach to nuclear power plants? We investigate the change in housing prices in the U.S. after the Fukushima event to test the hypothesis that house prices in the proximity of power plants fell due to an updated nuclear risk perception. Using a difference-in-differences approach we do not find evidence in support of the hypothesis that individuals reappraise the risks associated with nuclear power plants. House prices close to nuclear reactor sites did not fall relative to house prices at other locations in the U.S.

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Bibliographic Info

Paper provided by ICER - International Centre for Economic Research in its series ICER Working Papers with number 04-2013.

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Length: pages
Date of creation: Jun 2013
Date of revision:
Handle: RePEc:icr:wpicer:04-2013

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Keywords: Fukushima; nuclear accident; hedonic prices; housing; updating;

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  1. Yamamura, Eiji, 2011. "Effect of free media on views regarding nuclear energy after the Fukushima accident," MPRA Paper 32540, University Library of Munich, Germany.
  2. Michael Greenstone & Justin Gallagher, 2005. "Does Hazardous Waste Matter? Evidence from the Housing Market and the Superfund Program," Working Papers 2005.149, Fondazione Eni Enrico Mattei.
  3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  4. Smith, V. Kerry & Michaels, R. Gregory, 1987. "How did households interpret chernobyl? : A bayesian analysis of risk perceptions," Economics Letters, Elsevier, vol. 23(4), pages 359-364.
  5. Sherman Folland & Robbin Hough, 2000. "Externalities of Nuclear Power Plants: Further Evidence," Journal of Regional Science, Wiley Blackwell, vol. 40(4), pages 735-753.
  6. Lucas W. Davis, 2011. "The Effect of Power Plants on Local Housing Values and Rents," The Review of Economics and Statistics, MIT Press, vol. 93(4), pages 1391-1402, November.
  7. Atif Mian & Amir Sufi, 2009. "The Consequences of Mortgage Credit Expansion: Evidence from the U.S. Mortgage Default Crisis," The Quarterly Journal of Economics, MIT Press, vol. 124(4), pages 1449-1496, November.
  8. Gayer, Ted, 2000. "Neighborhood Demographics and the Distribution of Hazardous Waste Risks: An Instrumental Variables Estimation," Journal of Regulatory Economics, Springer, vol. 17(2), pages 131-55, March.
  9. Ted Gayer & James T. Hamilton & W. Kip Viscusi, 2002. "The Market Value of Reducing Cancer Risk: Hedonic Housing Prices with Changing Information," Southern Economic Journal, Southern Economic Association, vol. 69(2), pages 266-289, October.
  10. Lucas W. Davis, 2012. "Prospects for Nuclear Power," Journal of Economic Perspectives, American Economic Association, vol. 26(1), pages 49-66, Winter.
  11. Nicholas J. Sanders, 2012. "Toxic Assets: How the Housing Market Responds to Environmental Information Shocks," Working Papers 128, Department of Economics, College of William and Mary.
  12. Maksim Yemelyanau & Aliaksandr Amialchuk & Mir Ali, 2012. "Erratum to: Evidence from the Chernobyl Nuclear Accident: The Effect on Health, Education, and Labor Market Outcomes in Belarus," Journal of Labor Research, Springer, vol. 33(2), pages 283-283, June.
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