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