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Valuation of Earthquake Risk in Housing Markets

In: Housing Markets and Household Behavior in Japan

Author

Listed:
  • Miki Seko

    (Musashino University)

Abstract

The relationships between seismic risk and rental and owner-occupied housing prices in all Japan are examined. Empirical results from hedonic regressions with earthquake risk indicesEarthquake risk index suggest that (1) the earthquake occurrence probability has significantly negative effect on the monthly housing rent, (2) the effect of earthquake probability in the owner-occupied housing market is not so clear as in the rental market, (3) the estimated risk premiumRisk premium is larger for steel-framed concrete apartments, and (4) the share of quake-resistant dwellingsQuake-resistant dwellings in the neighborhood area is significantly and positively related to the housing price of the individual unit. These results suggest that anti-seismic policiesAnti-seismic policies targeting specific groups of dwellings—such as rental houses—help to mitigate the welfare lossWelfare loss due to the earthquake loss.

Suggested Citation

  • Miki Seko, 2019. "Valuation of Earthquake Risk in Housing Markets," Advances in Japanese Business and Economics, in: Housing Markets and Household Behavior in Japan, chapter 0, pages 177-192, Springer.
    • Handle: RePEc:spr:advchp:978-981-13-3369-9_9
    DOI: 10.1007/978-981-13-3369-9_9
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