| Autor: |
Pommeranz, Carolin, Steininger, Bertram I. |
| Předmět: |
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| Zdroj: |
Journal of Housing Research; 2020 Supplement, Vol. 29, pS54-S85, 32p |
| Abstrakt: |
We analyze how direct and indirect effects (spatial spillovers) matter when estimating price effects for a property located in a flood zone. Using a spatial Durbin error model, we show the importance of indirect effects which amount to -6.5% for houses and -4.8% for condominiums in the flood-prone city of Dresden (Germany). Direct effects diminish when controlling for spatial spillovers. Our results are generally robust across different model specifications, urban areas, and risk-adjusted prices that include insurance costs. Thus, ignoring indirect flood effects can lead to flood management that is inefficient and cost-ineffective, as the economic consequences are underestimated. [ABSTRACT FROM AUTHOR] |
| Databáze: |
Complementary Index |
| Externí odkaz: |
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