Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk

Okmyung Bin, Thomas W. Crawford, Jamie B. Kruse and Craig Landry

Land Economics, 2008, vol. 84, issue 3, 434-448

Abstract: Coastal amenities and risk are so highly correlated that separate identification within the hedonic framework is potentially challenging. In this study, we construct a three-dimensional measure of ocean view, viewscape, accounting for natural topography and built obstruction that varies independent of risk classification to disentangle these spatially integrated housing characteristics. A spatial autoregressive hedonic model is developed to provide consistent estimates of the willingness to pay for coastal amenities and risk. Our findings suggest that incorporating the GIS-based view measures can be successful in isolating risk factors from spatial amenities.

JEL-codes: Q24 Q26 (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (73)

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Persistent link: https://EconPapers.repec.org/RePEc:uwp:landec:v:84:y:2008:i:3:p:434-448

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