PT  - JOURNAL ARTICLE
AU  - Bin, Okmyung
AU  - Crawford, Thomas W.
AU  - Kruse, Jamie B.
AU  - Landry, Craig E.
TI  - Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk
AID  - 10.3368/le.84.3.434
DP  - 2008 Aug 01
TA  - Land Economics
PG  - 434--448
VI  - 84
IP  - 3
4099  - http://le.uwpress.org/content/84/3/434.short
4100  - http://le.uwpress.org/content/84/3/434.full
SO  - Land Econ2008 Aug 01; 84
AB  - 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 Q24, Q26)