How the Change of Risk Announcement on Catastrophic Disaster Affects Property Prices
How the Change of Risk Announcement on Catastrophic Disaster Affects Property Prices
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巨灾风险公告的变化如何影响楼价
DOI：
10.1007/978-3-319-31943-8_25
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Hayato Nakanishi
中科院分区：
文献类型：
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作者：
Hayato Nakanishi
在这篇文章中，我们提出了证据的好处，预期效用是敏感的罕见事件。具体而言，我们估计罕见的灾难性海啸的报告的治疗效果，使用土地价格享乐的方法。为了确定这种影响，我们采用了差异中的差异（DD）设计。有序期望效用预测没有效果，因为灾难性事件的概率足够小，可以忽略不计。然而，估计结果显示了显著的效果。这意味着，从客观风险分布导出的有序期望效用可能不适用于罕见灾难性事件的经济预测。
In this article, we present evidence of the benefits of expected utility that is sensitive to rare events. Specifically, we estimate the treatment effect of reports on rare catastrophic tsunamis by using a land price hedonic approach. To identify this effect, we employed a difference in differences (DD) design. Ordinal expected utility predicts no effect since the probability of catastrophic events is sufficiently small to be ignored. However, the estimation result reveals a significant effect. This implies that ordinal expected utility derived from objective risk distribution may be inappropriate for the economic prediction of rare catastrophic events.
影响因子：
8.2
作者：
ROSEN, S
通讯作者：
ROSEN, S