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Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk

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  • Okmyung Bin
  • Thomas W. Crawford
  • Jamie B. Kruse
  • Craig E. Landry

Abstract

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.

Suggested Citation

  • Okmyung Bin & Thomas W. Crawford & Jamie B. Kruse & Craig E. Landry, 2008. "Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk," Land Economics, University of Wisconsin Press, vol. 84(3), pages 434-448.
    • Handle: RePEc:uwp:landec:v:84:y:2008:i:3:p:434-448
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • Q24 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Land
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources

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