메뉴 건너뛰기




Volumn 89, Issue 4, 2013, Pages 577-596

Forgetting the flood? An analysis of the flood risk discount over time

Author keywords

[No Author keywords available]

Indexed keywords

FLOOD; FLOODPLAIN; HEDONIC ANALYSIS; PROPERTY MARKET; RISK ASSESSMENT;

EID: 84886912215     PISSN: 00237639     EISSN: None     Source Type: Journal    
DOI: 10.3368/le.89.4.577     Document Type: Article
Times cited : (199)

References (52)
  • 1
    • 0042079769 scopus 로고
    • The National Flood Insurance Program: Problem and Potential
    • Anderson, Dan R. 1974. "The National Flood Insurance Program: Problem and Potential." Journal of Risk and Insurance 16 (4): 579-99.
    • (1974) Journal of Risk and Insurance , vol.16 , Issue.4 , pp. 579-599
    • Anderson, D.R.1
  • 2
    • 0002018653 scopus 로고    scopus 로고
    • Spatial Dependence in Linear Regression Models with an Introduction to Spatial Econometrics. In Handbook of Applied Economic Statistics
    • ed. Aman Ullah and David E. A. Giles, New York: Marcel Dekker
    • Anselin, Luc, and Anil K. Bera. 1998. "Spatial Dependence in Linear Regression Models with an Introduction to Spatial Econometrics." In Handbook of Applied Economic Statistics, Vol. 155, ed. Aman Ullah and David E. A. Giles, 237-90. New York: Marcel Dekker.
    • (1998) , vol.155 , pp. 237-290
    • Anselin, L.1    Bera, A.K.2
  • 3
    • 0002225599 scopus 로고
    • Small Sample Properties of Tests for Spatial Dependence in Regression Models: Some Further Results. In New Directions in Spatial Econometrics
    • ed. Luc Anselin and Raymond J. G. M. Florax, Berlin: Springer-Verlag
    • Anselin, Luc, and Raymond J. G. M. Florax. 1995. "Small Sample Properties of Tests for Spatial Dependence in Regression Models: Some Further Results." In New Directions in Spatial Econometrics, ed. Luc Anselin and Raymond J. G. M. Florax, 21-74. Berlin: Springer-Verlag.
    • (1995) , pp. 21-74
    • Anselin, L.1    Florax Raymond, J.G.M.2
  • 4
    • 77953774316 scopus 로고    scopus 로고
    • A Spatial Cliff-Ord Type Model with Heteroskedastic Innovations: Small and Large Sample Results
    • Arraiz, Irani, David M. Drukker, Harry H. Kelejian, and Ingmar R. Prucha. 2010. "A Spatial Cliff-Ord Type Model with Heteroskedastic Innovations: Small and Large Sample Results." Journal of Regional Science 50 (2): 592-614.
    • (2010) Journal of Regional Science , vol.50 , Issue.2 , pp. 592-614
    • Arraiz, I.1    Drukker, D.M.2    Kelejian, H.H.3    Prucha, I.R.4
  • 6
    • 33750109559 scopus 로고    scopus 로고
    • Real Estate Market Response to Coastal Flood Hazards
    • Bin, Okmyung, and Jamie B. Kruse. 2006. "Real Estate Market Response to Coastal Flood Hazards." Natural Hazards Review 7 (4): 137-44.
    • (2006) Natural Hazards Review , vol.7 , Issue.4 , pp. 137-144
    • Bin, O.1    Kruse, J.B.2
  • 7
    • 40449115307 scopus 로고    scopus 로고
    • Flood Hazards, Insurance Rates, and Amenities: Evidence from the Coastal Housing Market
    • Bin, Okmyung, Jamie B. Kruse, and Craig E. Landry. 2008. "Flood Hazards, Insurance Rates, and Amenities: Evidence from the Coastal Housing Market." Journal of Risk and Insurance 75 (1): 63-82.
    • (2008) Journal of Risk and Insurance , vol.75 , Issue.1 , pp. 63-82
    • Bin, O.1    Kruse, J.B.2    Landry, C.E.3
  • 8
    • 84877925818 scopus 로고    scopus 로고
    • Changes in Implicit Flood Risk Premiums: Empirical Evidence from the Housing Market
    • Bin, Okmyung, and Craig E. Landry. 2012. "Changes in Implicit Flood Risk Premiums: Empirical Evidence from the Housing Market." Journal of Environmental Economics and Management 65 (3): 361-76.
    • (2012) Journal of Environmental Economics and Management , vol.65 , Issue.3 , pp. 361-376
    • Bin, O.1    Landry, C.E.2
  • 9
    • 9944229865 scopus 로고    scopus 로고
    • Effects of Flood Hazards on Property Values: Evidence before and after Hurricane Floyd
    • Bin, Okmyung, and Stephen Polasky. 2004. "Effects of Flood Hazards on Property Values: Evidence before and after Hurricane Floyd." Land Economics 80 (4): 490-500.
    • (2004) Land Economics , vol.80 , Issue.4 , pp. 490-500
    • Bin, O.1    Polasky, S.2
  • 10
    • 0035740878 scopus 로고    scopus 로고
    • Flood Insurance and Floodplain Management: The U.S. Experience
    • Burby, Raymond J. 2001. "Flood Insurance and Floodplain Management: The U.S. Experience." Global Environmental Change Part B: Environmental Hazards 3 (3-4): 111-22.
    • (2001) Global Environmental Change Part B: Environmental Hazards , vol.3 , Issue.3-4 , pp. 111-122
    • Burby, R.J.1
  • 11
    • 33645301036 scopus 로고    scopus 로고
    • Can Natural Experiments Measure Behavioral Responses to Environmental Risks?
    • Carbone, Jared C., Daniel G. Hallstrom, and V. Kerry Smith. 2006. "Can Natural Experiments Measure Behavioral Responses to Environmental Risks?" Environmental and Resource Economics 33 (3): 273-97.
    • (2006) Environmental and Resource Economics , vol.33 , Issue.3 , pp. 273-297
    • Carbone, J.C.1    Hallstrom, D.G.2    Kerry Smith, V.3
  • 12
    • 79952768044 scopus 로고    scopus 로고
    • Center for Research of the Epidemiology of Disasters (CRED), Brussels: Universite Catholique de Louvain. Available at
    • Center for Research of the Epidemiology of Disasters (CRED). 2010. EM-DAT: International Disaster Database. Brussels: Universite Catholique de Louvain. Available at www.emdat.be.
    • (2010) EM-DAT: International Disaster Database
  • 14
    • 34347262022 scopus 로고    scopus 로고
    • Wildfire Risk and Housing Prices: A Case Study from Colorado Springs
    • Donovan, Geoffrey H., Patricia A. Champ, and David T. Butry. 2007. "Wildfire Risk and Housing Prices: A Case Study from Colorado Springs." Land Economics 83 (2): 217-33.
    • (2007) Land Economics , vol.83 , Issue.2 , pp. 217-233
    • Donovan, G.H.1    Champ, P.A.2    Butry, D.T.3
  • 17
    • 85167038779 scopus 로고    scopus 로고
    • Federal Emergency Management Agency (FEMA), Community Status Book Report, Georgia: Communities Participating in the National Flood Program. Available at, (accessed February 20, 2012)
    • Federal Emergency Management Agency (FEMA). 2012. Community Status Book Report, Georgia: Communities Participating in the National Flood Program. Available at www.fema.gov/cis/GA.html (accessed February 20, 2012).
    • (2012)
  • 18
    • 85166992937 scopus 로고    scopus 로고
    • Federal Emergency Management Agency (FEMA), Available at, (accessed May 23, 2013)
    • Federal Emergency Management Agency (FEMA). 2013. Policy and Claim Statistics for Flood Insurance. Available at http://www.fema.gov/policy-claim-statistics-flood-insurance/policyclaim-statistics-flood-insurance/policy-claim-13 (accessed May 23, 2013).Fingleton, Bernard. 2008. "A Generalized Method of Moments Estimator for a Spatial Model with Moving Average Errors, with Application to Real Estate Prices." Empirical Economics 34 (1): 35-57.
    • (2013) Policy and Claim Statistics for Flood Insurance
  • 19
    • 38849152851 scopus 로고    scopus 로고
    • A Generalized Method of Moments Estimator for a Spatial Model with Moving Average Errors, with Application to Real Estate Prices
    • Fingleton, Bernard. 2008. "A Generalized Method of Moments Estimator for a Spatial Model with Moving Average Errors, with Application to Real Estate Prices." Empirical Economics 34 (1): 35-57.
    • (2008) Empirical Economics , vol.34 , Issue.1 , pp. 35-57
    • Fingleton, B.1
  • 20
    • 56349170788 scopus 로고    scopus 로고
    • Estimating Spatial Models with Endogenous Variables, a Spatial Lag and Spatially Dependent Disturbances: Finite Sample Properties
    • Fingleton, Bernard, and Julie Le Gallo. 2008. "Estimating Spatial Models with Endogenous Variables, a Spatial Lag and Spatially Dependent Disturbances: Finite Sample Properties." Papers in Regional Science 87 (3): 319-39.
    • (2008) Papers in Regional Science , vol.87 , Issue.3 , pp. 319-339
    • Fingleton, B.1    Le Gallo, J.2
  • 24
    • 0031239194 scopus 로고    scopus 로고
    • On the Issue of Functional Form Choice in Hedonic Price Functions: Further Evidence
    • Halstead, John M., Rachel A. Bouvier, and Bruce E. Hansen. 1997. "On the Issue of Functional Form Choice in Hedonic Price Functions: Further Evidence." EnvironmentalManagement 21 (5):759-65.
    • (1997) EnvironmentalManagement , vol.21 , Issue.5 , pp. 759-765
    • Halstead, J.M.1    Bouvier, R.A.2    Hansen, B.E.3
  • 25
    • 0000512012 scopus 로고
    • The Interpretation of Dummy Variables in Semilogarithmic Equations
    • Halvorsen, Robert, and Rayond Palmquist. 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations." American Economic Review 70 (3): 474-75.
    • (1980) American Economic Review , vol.70 , Issue.3 , pp. 474-475
    • Halvorsen, R.1    Palmquist, R.2
  • 26
    • 0141767597 scopus 로고    scopus 로고
    • Environmental Determinants of Housing Prices: The Impact of Flood Zone Status
    • Harrison, David M., Greg T. Smersh, and Arthur L. Schwartz Jr. 2001. "Environmental Determinants of Housing Prices: The Impact of Flood Zone Status." Journal of Real Estate Research 21 (1- 2): 3-20.
    • (2001) Journal of Real Estate Research , vol.21 , Issue.1-2 , pp. 3-20
    • Harrison, D.M.1    Smersh, G.T.2    Schwartz Jr., A.L.3
  • 27
    • 0038610460 scopus 로고    scopus 로고
    • Intergovernmental Panel on Climate Change (IPCC), Cambridge, UK: Cambridge University Press
    • Intergovernmental Panel on Climate Change (IPCC). 2001. Climate Change 2001: Impacts, Adaptation and Vulnerability. Cambridge, UK: Cambridge University Press.
    • (2001) Climate Change 2001: Impacts, Adaptation and Vulnerability
  • 28
    • 34247370602 scopus 로고    scopus 로고
    • Intergovernmental Panel on Climate Change (IPCC), Cambridge, UK: Cambridge University Press
    • Intergovernmental Panel on Climate Change (IPCC). 2007. Climate Change 2007: Impacts, Adaptation and Vulnerability. Cambridge, UK: Cambridge University Press.
    • (2007) Climate Change 2007: Impacts, Adaptation and Vulnerability
  • 29
    • 0032373368 scopus 로고    scopus 로고
    • A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances
    • Kelejian, Harry H., and Ingmar R. Prucha. 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances." Journal of Real Estate Finance and Economics. 17 (1): 99-121.
    • (1998) Journal of Real Estate Finance and Economics. , vol.17 , Issue.1 , pp. 99-121
    • Kelejian, H.H.1    Prucha, I.R.2
  • 30
    • 84859895135 scopus 로고    scopus 로고
    • Specification and Estimation of Spatial Autoregressive Models with Autoregressive and Heteroskedastic Disturbances
    • Kelejian, Harry H., and Ingmar R. Prucha. 2010. "Specification and Estimation of Spatial Autoregressive Models with Autoregressive and Heteroskedastic Disturbances." Journal of Econometrics 157 (1): 53-67.
    • (2010) Journal of Econometrics , vol.157 , Issue.1 , pp. 53-67
    • Kelejian, H.H.1    Prucha, I.R.2
  • 31
    • 0037286920 scopus 로고    scopus 로고
    • Measuring the Benefits of Air Quality Improvement: A Spatial Hedonic Approach
    • Kim, Chong Won, Tim T. Phipps, and Luc Anselin. 2003. "Measuring the Benefits of Air Quality Improvement: A Spatial Hedonic Approach." Journal of Environmental Economics and Management 45 (1): 24-39.
    • (2003) Journal of Environmental Economics and Management , vol.45 , Issue.1 , pp. 24-39
    • Kim, C.W.1    Phipps, T.T.2    Anselin, L.3
  • 33
    • 36749077029 scopus 로고    scopus 로고
    • Spatial Autocorrelation and the Selection of Simultaneous Autoregressive Models
    • Kissling, W. Daniel, and Gudrun Carl. 2008. "Spatial Autocorrelation and the Selection of Simultaneous Autoregressive Models." Global Ecology and Biogeography 17 (1): 59-71.
    • (2008) Global Ecology and Biogeography , vol.17 , Issue.1 , pp. 59-71
    • Kissling, W.D.1    Carl, G.2
  • 34
    • 77956148432 scopus 로고    scopus 로고
    • Learning from Extreme Events: Risk Perceptions after the Flood
    • Kousky, Carolyn. 2010. "Learning from Extreme Events: Risk Perceptions after the Flood." Land Economics 86 (3): 395-422.
    • (2010) Land Economics , vol.86 , Issue.3 , pp. 395-422
    • Kousky, C.1
  • 35
    • 4744355644 scopus 로고    scopus 로고
    • Participation in the National Flood Insurance Program: An Empirical Analysis for Coastal Properties
    • Kriesel, Warren, and Craig Landry. 2004. "Participation in the National Flood Insurance Program: An Empirical Analysis for Coastal Properties." Journal of Risk and Insurance 71 (3): 405-20.
    • (2004) Journal of Risk and Insurance , vol.71 , Issue.3 , pp. 405-420
    • Kriesel, W.1    Landry, C.2
  • 36
    • 77950886539 scopus 로고    scopus 로고
    • Climate Change, Insurability of Large- Scale Disasters and the Emerging Liability Challenge
    • Cambridge, MA: National Bureau of Economic Research
    • Kunreuther, Howard C., and Erwann O. Michel-Kerjan. 2007. "Climate Change, Insurability of Large- Scale Disasters and the Emerging Liability Challenge." NBER Working Paper 12821. Cambridge, MA: National Bureau of Economic Research.
    • (2007) NBER Working Paper 12821
    • Kunreuther, H.C.1    Michel-Kerjan, E.O.2
  • 37
    • 0001241521 scopus 로고
    • Uncertain Hazards, Insurance, and Consumer Choice: Evidence from Housing Markets
    • MacDonald, Don N., James C. Murdoch, and Harry L. White. 1987. "Uncertain Hazards, Insurance, and Consumer Choice: Evidence from Housing Markets." Land Economics 63 (4): 361-71.
    • (1987) Land Economics , vol.63 , Issue.4 , pp. 361-371
    • MacDonald, D.N.1    Murdoch, J.C.2    White, H.L.3
  • 38
    • 77949306965 scopus 로고    scopus 로고
    • Flood Hazards and Urban Housing Markets: The Effects of Katrina on New Orleans
    • McKenzie, Russell, and John Levendis. 2010. "Flood Hazards and Urban Housing Markets: The Effects of Katrina on New Orleans." Journal of Real Estate Finance and Economics 40 (1): 62-76.
    • (2010) Journal of Real Estate Finance and Economics , vol.40 , Issue.1 , pp. 62-76
    • Mckenzie, R.1    Levendis, J.2
  • 39
    • 50249160541 scopus 로고    scopus 로고
    • Spatial Dependence in Hedonic Property Models: Do Different Corrections for Spatial Dependence Result in Economically Significant Differences in Estimated Implicit Prices?
    • Mueller, Julie M., and John B. Loomis. 2008. "Spatial Dependence in Hedonic Property Models: Do Different Corrections for Spatial Dependence Result in Economically Significant Differences in Estimated Implicit Prices?" Journal of Agricultural and Resource Economics 33 (2): 212-31.
    • (2008) Journal of Agricultural and Resource Economics , vol.33 , Issue.2 , pp. 212-231
    • Mueller, J.M.1    Loomis, J.B.2
  • 40
    • 85167031819 scopus 로고    scopus 로고
    • Property Value Models. In Handbook of Environmental Economics: Valuing Environmental Changes
    • ed. Karl- Goran Mäler and Jeffrey R. Vincent. Amsterdam: Elsevier
    • Palmquist, Raymond B. 2005. "Property Value Models." In Handbook of Environmental Economics: Valuing Environmental Changes, Vol. 2, ed. Karl- Goran Mäler and Jeffrey R. Vincent. Amsterdam: Elsevier.
    • (2005) , vol.2
    • Palmquist, R.B.1
  • 42
    • 79951926862 scopus 로고    scopus 로고
    • The Impact of Floods on House Prices: An Imperfect Information Approach with Myopia and Amnesia
    • Pryce, Gwilym, Yu Chen, and George Galster. 2011. "The Impact of Floods on House Prices: An Imperfect Information Approach with Myopia and Amnesia." Housing Studies 26 (2): 259-79.
    • (2011) Housing Studies , vol.26 , Issue.2 , pp. 259-279
    • Pryce, G.1    Chen, Y.2    Galster, G.3
  • 43
    • 0001791734 scopus 로고
    • Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition
    • Rosen, Sherwin. 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition." Journal of Political Economy 82 (1): 34- 55.
    • (1974) Journal of Political Economy , vol.82 , Issue.1 , pp. 34-55
    • Rosen, S.1
  • 44
    • 0010040244 scopus 로고
    • Adjusting Comparable Sales for Floodplain Location
    • Shilling, James D., John D. Benjamin, and C. F. Sirmans. 1985. "Adjusting Comparable Sales for Floodplain Location." Appraisal Journal 53 (3): 429-36.
    • (1985) Appraisal Journal , vol.53 , Issue.3 , pp. 429-436
    • Shilling, J.D.1    Benjamin, J.D.2    Sirmans, C.F.3
  • 45
    • 3542997843 scopus 로고    scopus 로고
    • House Prices and a Flood Event: An Empirical Investigation of Market Efficiency
    • Skantz, Terrance R., and Thomas H. Strickland. 1996. "House Prices and a Flood Event: An Empirical Investigation of Market Efficiency." Journal of Real Estate Research 2 (2): 75-83.
    • (1996) Journal of Real Estate Research , vol.2 , Issue.2 , pp. 75-83
    • Skantz, T.R.1    Strickland, T.H.2
  • 46
    • 0004708366 scopus 로고
    • Housing Prices and Flood Risk: An Examination Using Spline Regression
    • Speyrer, Janet F., andWade R. Ragas. 1991. "Housing Prices and Flood Risk: An Examination Using Spline Regression." Journal of Real Estate Finance and Economics 4 (4): 395-407.
    • (1991) Journal of Real Estate Finance and Economics , vol.4 , Issue.4 , pp. 395-407
    • Speyrer, J.F.1    Ragas, W.R.2
  • 49
    • 34247529903 scopus 로고
    • Availability: A Heuristic for Judging Frequency and Probability
    • Tversky, Amos, and Daniel Kahneman. 1973. "Availability: A Heuristic for Judging Frequency and Probability." Cognitive Psychology 5 (2): 207-32.
    • (1973) Cognitive Psychology , vol.5 , Issue.2 , pp. 207-232
    • Tversky, A.1    Kahneman, D.2
  • 50
    • 85167004257 scopus 로고    scopus 로고
    • U.S. Census Bureau, State and County Quick Facts: Dougherty County, Georgia. Available at, (accessed February 20, 2012)
    • U.S. Census Bureau. 2010. State and County Quick Facts: Dougherty County, Georgia. Available at http://quickfacts.census.gov/qfd/states/13/13095. html (accessed February 20, 2012).
    • (2010)
  • 52
    • 36448993327 scopus 로고    scopus 로고
    • Simulation of Hydrologic Changes Associated with Global Warming
    • Wetherald, Richard T., and Syukuro Manabe. 2002. "Simulation of Hydrologic Changes Associated with Global Warming." Journal of Geophysical Research 107 (D19): 4379.
    • (2002) Journal of Geophysical Research , vol.107 , Issue.D19 , pp. 4379
    • Wetherald, R.T.1    Manabe, S.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.