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Modeling Real Estate Market Responses to Climate Change in the Coastal Zone

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Abstract

Changing flood risks threaten the value of billions of dollars worth of coastal real estate as well as the viability of coastal communities. This paper presents an agent-based model to capture some of the main features of the housing market that emerges from interactions between autonomous buyers and sellers. We use this model to investigate the adaptive responses of real estate markets to changing patterns of flooding and alternative flood insurance policies. The model includes interactions among households and government through land use regulations, property tax collection and dissemination of flooding risk information. We use detailed data from a flood-prone coastal community in New Jersey, USA to calibrate our model.

Suggested Citation

  • Handi Chandra Putra & Haiyan Zhang & Clinton Andrews, 2015. "Modeling Real Estate Market Responses to Climate Change in the Coastal Zone," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 18(2), pages 1-18.
    • Handle: RePEc:jas:jasssj:2014-26-2
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    File URL: https://www.jasss.org/18/2/18/18.pdf
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    Citations

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    Cited by:

    1. Jlenia Di Noia, 2022. "Agent-Based Models for Climate Change Adaptation in Coastal Zones. A Review," Working Papers 2022.20, Fondazione Eni Enrico Mattei.
    2. Xinyou Wang & Quanlin Ma & Hujia Jin & Baoli Fan & Duobin Wang & Huilong Lin, 2019. "Change in Characteristics of Soil Carbon and Nitrogen during the Succession of Nitraria Tangutorum in an Arid Desert Area," Sustainability, MDPI, vol. 11(4), pages 1-15, February.
    3. Di Noia, Jlenia, 2022. "Agent-Based Models for Climate Change Adaptation in Coastal Zones. A Review," FEEM Working Papers 322810, Fondazione Eni Enrico Mattei (FEEM).
    4. Jonas Friege & Georg Holtz & Emile Chappin, 2016. "Exploring Homeowners’ Insulation Activity," Journal of Artificial Societies and Social Simulation, Journal of Artificial Societies and Social Simulation, vol. 19(1), pages 1-4.
    5. Handi Chandra‐Putra & Clinton J. Andrews, 2020. "An integrated model of real estate market responses to coastal flooding," Journal of Industrial Ecology, Yale University, vol. 24(2), pages 424-435, April.
    6. David Nortes Martínez & Frédéric Grelot & Pauline Bremond & Stefano Farolfi & Juliette Rouchier, 2021. "Are interactions important in estimating flood damage to economic entities? The case of wine-making in France," Post-Print hal-03609616, HAL.
    7. Trond G. Husby & Elco E. Koks, 2017. "Household migration in disaster impact analysis: incorporating behavioural responses to risk," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 87(1), pages 287-305, May.

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