Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Climate Change Mitigation 4: Natural Disasters Location: B011 Session Chair: Simeon Onya, Brandenburg University of Technology, Cottbus | |
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Housing Market Definitions Matter for Hedonic Valuation: Evidence from Cross-Validation 1: Kobe University, Japan; 2: Seijo University; 3: Kyoto University Widely applied in empirical work, the hedonic approach offers a means of valuing public goods that otherwise have no explicit market price. These valuations become inaccurate when housing markets are too broadly defined, however. We introduce a novel approach that allows practitioners to empirically assess the severity of this issue in any hedonic application, without imposing significant data requirements. Our methodology provides insight not only into the number of markets but along which boundaries to define them. We find within our application, where the implicit price for seismic risk is causally identified using the Tohoku Earthquake as a natural experiment, that housing transactions are best categorized into three submarkets defined across commuting time to central Tokyo. More importantly, this specification is statistically preferred and yields aggregate valuations that are 21.6% ($650 million) less relative to the restrictive single-market approach. | |