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Spatial Hedonic Models for Measuring the Impact of Sea-Level Rise on Coastal Real Estate

Author

Listed:
  • Okmyung Bin
  • Ben Poulter
  • Christopher F. Dumas
  • John C. Whitehead

Abstract

This study uses a unique integration of geospatial and hedonic property data to estimate the impact of sea-level rise on coastal real estate in North Carolina. North Carolina’s coastal plain is one of several large terrestrial systems around the world threatened by rising sea-levels. High-resolution topographic LIDAR (Light Detection and Ranging) data are used to provide accurate inundation maps for all properties that will be at risk under six different sea-level rise scenarios. A simulation approach based on spatial hedonic models is used to provide consistent estimates of the property value losses. Results indicate that the northern part of the North Carolina coastline is comparatively more vulnerable to the effect of sea-level rise than the southern part. Low-lying and heavily developed areas in the northern coastline are especially at high risk from sea-level rise. Key Words: Climate change, coastal real estate, sea-level rise, spatial hedonic models

Suggested Citation

  • Okmyung Bin & Ben Poulter & Christopher F. Dumas & John C. Whitehead, 2009. "Spatial Hedonic Models for Measuring the Impact of Sea-Level Rise on Coastal Real Estate," Working Papers 09-24, Department of Economics, Appalachian State University.
    • Handle: RePEc:apl:wpaper:09-24
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    File URL: http://econ.appstate.edu/RePEc/pdf/wp0924.pdf
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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. I'm an economist with something to say
      by John Whitehead in Environmental Economics on 2011-01-17 23:59:31

    More about this item

    Keywords

    climate change; coastal real estate; sea-level rise; spatial hedonic models;
    All these keywords.

    JEL classification:

    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns

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