RT Journal Article
SR Electronic
T1 Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 434
OP 448
DO 10.3368/le.84.3.434
VO 84
IS 3
A1 Bin, Okmyung
A1 Crawford, Thomas W.
A1 Kruse, Jamie B.
A1 Landry, Craig E.
YR 2008
UL http://le.uwpress.org/content/84/3/434.abstract
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)