气候变化领域集成服务门户(CCPortal): The effect of information about climate risk on property values

CCPortal

DOI	10.1073/pnas.2003374118
	The effect of information about climate risk on property values
	Hino M.; Burke M.
发表日期	2021
ISSN	00278424
卷号	118 期号:17
英文摘要	Floods and other climate hazards pose a widespread and growing threat to housing and infrastructure around the world. By reflecting climate risk in prices, markets can discourage excessive development in hazardous areas. However, the extent to which markets price these risks remains poorly understood. Here we measure the effect of information about flood risk contained in regulatory floodplain maps on residential property values in the United States. Using multiple empirical approaches and two decades of sales data covering the universe of homes in the United States, we find little evidence that housing markets fully price information about flood risk in aggregate. However, the price penalty is larger for commercial buyers and in markets where buyers are more risk aware, suggesting that policies to improve risk communication could influence market outcomes. Our findings indicate that houses in flood zones in the United States are currently overvalued by a total of $43.8 billion (95% confidence interval: $32.6 to $55.6 billion) based on the information in publicly available flood hazard maps alone, raising concerns about the stability of real estate markets as climate risks become more salient and severe. © 2021 National Academy of Sciences. All rights reserved.
英文关键词	Climate change; Flood risk; Real estate
语种	英语
scopus关键词	article; climate change; cosmos; floodplain; price; punishment; real estate market; United States
来源期刊	Proceedings of the National Academy of Sciences of the United States of America
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/179746
作者单位	Emmett Interdisciplinary Program in Environment and Resources, Stanford University, Stanford, CA 94305, United States; Woods Institute for the Environment, Stanford University, Stanford, CA 94305, United States; Department of City and Regional Planning, University of North Carolina, Chapel Hill, NC 27599, United States; Environment, Ecology, and Energy Program, University of North Carolina, Chapel Hill, NC 27599, United States; Department of Earth System Science, Stanford University, Stanford, CA 94305, United States; Center on Food Security and the Environment, Stanford University, Stanford, CA 94305, United States; National Bureau of Economic Research, Cambridge, MA 02138, United States
推荐引用方式 GB/T 7714	Hino M.,Burke M.. The effect of information about climate risk on property values[J],2021,118(17).
APA	Hino M.,&Burke M..(2021).The effect of information about climate risk on property values.Proceedings of the National Academy of Sciences of the United States of America,118(17).
MLA	Hino M.,et al."The effect of information about climate risk on property values".Proceedings of the National Academy of Sciences of the United States of America 118.17(2021).