Does Climate Change Affect Real Estate Prices? Only If You Believe In It
Does Climate Change Affect Real Estate Prices? Only If You Believe In It
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DOI：
10.1093/rfs/hhz073
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发表时间：
2020-03-01
影响因子：
8.2
通讯作者：
Yannelis, Constantine
中科院分区：
文献类型：
--
作者：
Baldauf, Markus;Garlappi, Lorenzo;Yannelis, Constantine
本文研究房价是否反映了对气候变化的信念差异。我们发现，在一个均衡模型中的住房选择，代理人从附近的类似代理人的所有权获得效用，价格表现出不同的弹性气候风险。我们使用全面的交易数据，将价格与个人房屋的洪水预测和对气候变化的信念措施联系起来。我们发现，与否认者社区的房屋相比，信徒社区预计将被淹没的房屋售价要低。我们的研究结果表明，房价反映了长期气候变化风险信念的异质性。
This paper studies whether house prices reflect belief differences about climate change. We show that in an equilibrium model of housing choice in which agents derive utility from ownership in a neighborhood of similar agents, prices exhibit different elasticities to climate risk. We use comprehensive transaction data to relate prices to inundation projections of individual homes and measures of beliefs about climate change. We find that houses projected to be underwater in believer neighborhoods sell at a discount compared to houses in denier neighborhoods. Our results suggest that house prices reflect heterogeneity in beliefs about long-run climate change risks.