高等研究所 訪問研究員 セミナー:
WINPECセミナー “Empirical Microeconomics Seminar” (7/14)
講演者 / Speaker
TARUI, Nori （Professor, University of Hawaii at Manoa）
主 旨 / Outline
Sea Level Rise Risk Interactions with Coastal Property Values: A Case Study of O‘ahu, Hawai‘i
Climate change-induced sea level rise (SLR), by affecting a range of coastal assets, will prompt challenging decisions about coastal land use across the world. Recent studies find that current and projected SLR is associated with relatively lower current property values. We contribute to this growing body of research with a case of O‘ahu, Hawai‘i, which is famed for its beaches as well as valuable coastal real estate. We leverage a unique dataset that unpacks multiple types of SLR exposure in addition to typical bathtub modeling–specifically how SLR interacts with seasonal high wave run-up and exacerbated patterns of coastal erosion. We apply property transaction data in the City and County of Honolulu (Oʻahu) between 2014 and 2019 to investigate the effect of current and expected SLR exposure on residential property prices. We find that exposed properties have already experienced declines in transaction prices, at 7-20%. While confirming earlier findings that chronic flooding risks are associated with lower transaction prices, we also find that seasonal high wave exposures matter for housing value. The market response of coastal residential properties to current and expected SLR has important implications for coastal management strategies, in particular the viability of managed retreat programs involving large-scale buy-outs.
日 時 / Date & Time
2022年7月14日（木） 16:30～18:00
会 場 / Venue
オンライン開催
言 語 / Language
英語
対 象 / Prospected Audience
研究者・学生等
主 催 / Organizer
早稲田大学 現代政治経済研究所（WINPEC）
共 催/Co-Organizer
早稲田大学環境経済・経営研究所（RIEEM）
早稲田大学高等研究所（WIAS）
申込み / Registration
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