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Earthquake risk reduction and land value along geographic boundaries of extremely high-risk urban districts in Tokyo

Author

Listed:
  • Mizuki Kawabata

    (Faculty of Economics, Keio University)

  • Michio Naoi

    (Faculty of Economics, Keio University)

  • Shohei Yasuda

    (College of Economics, Nihon University)

Abstract

We examine the impact of earthquake risk reduction on land values along the geographic boundaries of dense urban districts with an extremely high risk of earthquakes (high-risk DUDs) in Tokyo. Our analysis employs a spatial regression discontinuity design that takes advantage of the discontinuity in earthquake risk at the high-risk DUD boundary. Our conservative estimate indicates that removing high-risk DUDs increases land value by 5.2% near the boundary. Moreover, we find that the boundary effect increases as the road width at the boundary widens, suggesting that the sample limited to wide roads mitigates the spatial spillover of fire risk.

Suggested Citation

  • Mizuki Kawabata & Michio Naoi & Shohei Yasuda, 2023. "Earthquake risk reduction and land value along geographic boundaries of extremely high-risk urban districts in Tokyo," Keio-IES Discussion Paper Series 2023-013, Institute for Economics Studies, Keio University.
    • Handle: RePEc:keo:dpaper:2023-013
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    More about this item

    Keywords

    Earthquake risk reduction; land value; spatial regression discontinuity design; Tokyo;
    All these keywords.

    JEL classification:

    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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