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- Title
Forgetting the Flood? An Analysis of the Flood Risk Discount over Time.
- Authors
Atreya, Ajita; Ferreira, Susana; Kriesel, Warren
- Abstract
We examine whether property price differentials reflecting flood risk increase following a large flood event, and whether this change is temporary or permanent. We use single-family residential proper& sales in Dougherty. Count., Georgia, between 1985 and 2004 in a difference-in-difference spatial hedonic model framework. After the 1994 "flood of the century, "prices of properties in the 100-year floodplain fell significantly. This effect was, how ever, short-lived. In spatial hedonic models that explicitly incorporate both linear and nonlinea temporal flood-zone effects, we show that the flood risk discount disappeared between four and nine years" after the flood, depending upon the specification.
- Subjects
FLOODS; REAL property sales &; prices; HOME prices; MATHEMATICAL models; RISK -- Mathematical models; RISK assessment; PRICES -- Mathematical models; ECONOMICS
- Publication
Land Economics, 2013, Vol 89, Issue 4, p577
- ISSN
0023-7639
- Publication type
Article
- DOI
10.3368/le.89.4.577