Earthquake Risk in Japan: Consumers' Risk Mitigation Responses after the Great East Japan Earthquake

Michio Naoi, Miki Seko () and Takuya Ishino
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Takuya Ishino: Keio University

No 2011-036, Keio/Kyoto Joint Global COE Discussion Paper Series from Keio/Kyoto Joint Global COE Program

Abstract: The Great East Japan Earthquake and subsequent tsunami on March 11 were a reminder of Japan's huge earthquake risk and need for preparedness. The northeastern part of the country witnessed devastating human suffering and physical damage. The destructive impact of the earthquake has enhanced consumer's earthquake preparedness even in unaffected areas. This paper uses unique survey data collected after the earthquake to study how consumers reacted to this catastrophic event. We find that self-reported, perceived preparedness for natural disasters has significantly improved even among low-income households after March 11, but that post-quake intentions for more specific risk mitigation activities were systematically associated with household income and wealth levels. High income households are more likely to plan purchase of earthquake insurance or to conduct seismic retrofitting following the March 11th earthquake, indicating that the recent events might have widened the gap in disaster preparedness between rich and poor.

Pages: 12 pages
Date: 2012-03
New Economics Papers: this item is included in nep-ias
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Citations: View citations in EconPapers (6)

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Journal Article: Earthquake Risk in Japan: Consumers' Risk Mitigation Responses After the Great East Japan Earthquake (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:kei:dpaper:2011-036

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