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Valuing nuclear energy risk: Evidence from the impact of the Fukushima crisis on U.S. house prices

Shinsuke Tanaka and Jeffrey Zabel ()

Journal of Environmental Economics and Management, 2018, vol. 88, issue C, 411-426

Abstract: Behavioral economics suggests that individuals overweight recent unexpected and/or rare events when updating beliefs. This study investigates the effect of such an event, the Fukushima nuclear crisis in 2011, on the learning process of a local environmental risk by evaluating how perceptions of the risk of a nuclear accident are capitalized into house prices near nuclear power plants (NPPs) in the U.S. Our results provide new evidence on the dynamics of the effect – spatially, the impact was concentrated in a 4-km radius around NPPs, and temporally, it peaked a half year later and dissipated one year after the crisis.

Keywords: Learning; Information processing; Nuclear energy risk; Hedonic price; Model; Fukushima (search for similar items in EconPapers)
JEL-codes: D81 D83 R31 Q54 (search for similar items in EconPapers)
Date: 2018
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Journal of Environmental Economics and Management is currently edited by M.A. Cole, A. Lange, D.J. Phaneuf, D. Popp, M.J. Roberts, M.D. Smith, C. Timmins, Q. Weninger and A.J. Yates

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