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Erschienen in:
The Economics of the Global Environment—Catastrophic Risks in Theory and Practice Kapitel lesen Erstes Kapitel lesen

2016 | OriginalPaper | Buchkapitel

How the Change of Risk Announcement on Catastrophic Disaster Affects Property Prices?

verfasst von : Hayato Nakanishi

Erschienen in: The Economics of the Global Environment

Verlag: Springer International Publishing

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Abstract

In this article, we present evidence of the benefits of expected utility that is sensitive to rare events. Specifically, we estimate the treatment effect of reports on rare catastrophic tsunamis by using a land price hedonic approach. To identify this effect, we employed a difference in differences (DD) design. Ordinal expected utility predicts no effect since the probability of catastrophic events is sufficiently small to be ignored. However, the estimation result reveals a significant effect. This implies that ordinal expected utility derived from objective risk distribution may be inappropriate for the economic prediction of rare catastrophic events.

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Vorheriges Kapitel Exploring the Role of Emotions in Decisions Involving Catastrophic Risks: Lessons from a Double Investigation
Nächstes Kapitel Modeling US Stock Market Volatility-Return Dependence Using Conditional Copula and Quantile Regression
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Metadaten
Titel
How the Change of Risk Announcement on Catastrophic Disaster Affects Property Prices?
verfasst von
Hayato Nakanishi
Copyright-Jahr
2016
Buch
The Economics of the Global Environment

Print ISBN: 978-3-319-31941-4

Electronic ISBN: 978-3-319-31943-8

Copyright-Jahr: 2016

DOI
https://doi.org/10.1007/978-3-319-31943-8_25