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Distant Event, Local Effects? Fukushima and the German Housing Market

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  • Thomas K. Bauer
  • Sebastian Braun
  • Michael Kvasnicka

Abstract

The Fukushima Daiichi accident in Japan in March 2011 caused a fundamental change in Germany's energy policy which led to the immediate shut down of nearly half of its nuclear power plants. This paper uses data from Germany's largest internet platform for real estate to investigate the effect of Fukushima on the German housing market. Using a difference-in-differences approach, we find that Fukushima reduced house prices near nuclear power plants that were in operation before Fukushima by almost 6%. House prices near sites that were shut down right after the accident even fell by 10.8%. Our results suggest that economic reasons are of prime importance for the observed fall in house prices near nuclear power plants

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Bibliographic Info

Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1857.

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Length: 23 pages
Date of creation: Jul 2013
Date of revision:
Handle: RePEc:kie:kieliw:1857

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Keywords: Fukushima; Nuclear Power Plants; Housing Prices; Germany;

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  1. Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2007. "The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 161-180, August.
  2. Cho, Seong-Hoon & Poudyal, Neelam C. & Roberts, Roland K., 2008. "Spatial analysis of the amenity value of green open space," Ecological Economics, Elsevier, vol. 66(2-3), pages 403-416, June.
  3. repec:icr:wpmath:06-2013 is not listed on IDEAS
  4. Jeffrey P. Cohen & Cletus C. Coughlin, 2006. "Spatial hedonic models of airport noise, proximity, and housing prices," Working Papers 2006-026, Federal Reserve Bank of St. Louis.
  5. Luc Anselin & Nancy Lozano-Gracia, 2008. "Errors in variables and spatial effects in hedonic house price models of ambient air quality," Empirical Economics, Springer, vol. 34(1), pages 5-34, February.
  6. repec:reg:wpaper:134 is not listed on IDEAS
  7. Michael Greenstone & Justin Gallagher, 2006. "Does Hazardous Waste Matter? Evidence from the Housing Market and the Superfund Program," Working Papers 0620, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
  8. Kiel Katherine A. & McClain Katherine T., 1995. "House Prices during Siting Decision Stages: The Case of an Incinerator from Rumor through Operation," Journal of Environmental Economics and Management, Elsevier, vol. 28(2), pages 241-255, March.
  9. Jon P. Nelson, 1981. "Three Mile Island and Residential Property Values: Empirical Analysis and Policy Implications," Land Economics, University of Wisconsin Press, vol. 57(3), pages 363-372.
  10. 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.
  11. Sherman Folland & Robbin Hough, 2000. "Externalities of Nuclear Power Plants: Further Evidence," Journal of Regional Science, Wiley Blackwell, vol. 40(4), pages 735-753.
  12. David E. Clark, 2007. "Valuing Environmental Quality: A Space-Based Strategy," Working Papers and Research 0702, Marquette University, Center for Global and Economic Studies and Department of Economics.
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Cited by:
  1. Andreas Mense & Konstantin Kholodilin, 2014. "Noise expectations and house prices: the reaction of property prices to an airport expansion," The Annals of Regional Science, Springer, vol. 52(3), pages 763-797, May.

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