Earthquake Risks and Land Prices: Evidence from the Tokyo Metropolitan Area
Earthquake Risks and Land Prices: Evidence from the Tokyo Metropolitan Area
复制标题
DOI：
10.1111/j.1468-5876.2008.00438.x
复制
发表时间：
2007-05
期刊：
影响因子：
--
通讯作者：
Masayuki Nakagawa;M. Saito;Hisaki Yamaga
中科院分区：
文献类型：
--
作者：
Masayuki Nakagawa;M. Saito;Hisaki Yamaga
本论文使用东京都政府1998年编制的全地区灾害地图，实证研究了家庭和企业对地震风险的风险规避。它发现了地震风险对土地定价影响的强有力证据;风险地区的土地价格大大低于安全地区。这种影响在20世纪90年代比20世纪80年代更加明显，表明家庭和企业对地震风险变得更加敏感。此外，本文仔细检查的一致性估计的地震风险保费规模的预期效用假设的框架内。
The current paper empirically addresses risk aversion of households and firms toward earthquake risks using a hazard map compiled for the entire region by the Tokyo metropolitan government in 1998. It finds strong evidence for the impact of earthquake risks on land pricing; land prices have been substantially lower in risky areas than in safe areas. That impact became more evident in the 1990s than in the 1980s, indicating that households and firms were becoming more sensitive to earthquake risks. In addition, this paper carefully examines the consistency of the estimated magnitude of earthquake risk premiums within a framework of the expected utility hypothesis.