The effect of seismic hazard risk information on property prices: Evidence from a spatial regression discontinuity design
The effect of seismic hazard risk information on property prices: Evidence from a spatial regression discontinuity design
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DOI：
10.1016/j.regsciurbeco.2015.05.005
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发表时间：
2015-07-01
影响因子：
3.1
通讯作者：
Sugiura, Ayako
中科院分区：
文献类型：
--
作者：
Hidano, Noboru;Hoshino, Tadao;Sugiura, Ayako
在本文中，我们利用空间二维回归不连续（RD）设计，研究东京的房地产市场如何评估地震灾害风险的信息。这种方法是上级传统的一维RD设计，因为它能够占空间异质性的治疗效果，并减少小样本的偏见。我们的数据包括东京23区的住宅物业交易。结果显示，根据地震灾害风险的不同，低风险地区的住宅价格比高风险地区高出13，970 - 17，380日元。此外，我们发现，地震灾害风险的信息并没有显着影响新建公寓的价格，这是更耐地震破坏比老住宅。(C)2015 Elsevier B. V.保留所有紧身衣。
In this paper, we utilize a spatial two-dimensional regression discontinuity (RD) design to study how Tokyo's property market evaluates information on seismic hazard risk. This approach is superior to the conventional one-dimensional RD design as it is able to account for spatially heterogeneous treatment effects and reduce small-sample biases. Our data consists of residential property transactions from the 23-ward area of Tokyo. Our results show that the unit prices of residential properties in low-risk zones were between 13,970-17,380 JPY higher than those in high-risk zones depending on the type of seismic hazard risk. In addition, we find that information on seismic hazard risk does not significantly affect the prices of newly constructed apartments, which are more resistant to earthquake damage than older residences. (C) 2015 Elsevier B.V. All tights reserved.