Land Economics
journal article
Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk
Okmyung Bin, Thomas W. Crawford, Jamie B. Kruse and Craig E. Landry
Land Economics
Vol. 84, No. 3 (Aug., 2008), pp. 434-448 (15 pages)
Published By: University of Wisconsin Press
Land Economics
https://www.jstor.org/stable/27647836
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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.

Journal Information

Land Economics is dedicated to the study of land use, natural resources, public utilities, housing, and urban land issues. Established in 1925 by the renowned economist Richard T. Ely, LE publishes innovative, conceptual, and empirical research of direct relevance to economists. Each issue brings the latest results in international applied research on such topics as transportation, energy, urban and rural land use, housing, environmental quality, public utilities, and natural resources.

Publisher Information

The University of Wisconsin Press, a division of the UW-Madison Graduate School, has published more than 3000 titles, and currently has more than 1500 scholarly, regional, and general interest books in print. The Press publishes ten peer-reviewed academic and professional journals in the humanities, social sciences, and medicine. See the Journals Division Web site for more information.

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Land Economics © 2008 Board of Regents of the University of Wisconsin System