@article{aec51191cea641fa89dba19636f53900,
title = "Market responses to hurricanes",
abstract = "This paper uses one of the strongest hurricanes to hit the US, Andrew in 1992, to define a quasi-random experiment that permits estimation of the responses of housing values to information about new hurricanes. Lee County, Florida did not experience damage from Andrew. The storm was a {"}near-miss.{"} We hypothesize that Andrew conveyed risk information to homeowners in the county. A difference-in-differences (DND) framework identifies the effect of this information on property values in areas likely to experience significant storm damage. The DND findings indicate at least a 19 percent decline in property values.",
keywords = "Hedonic property model, Hurricane risk, Repeat sales",
author = "Hallstrom, {Daniel G.} and Smith, {V. Kerry}",
note = "Funding Information: Partial support for this research was provided by a grant from the NCSU Faculty Research and Professional Development Fund (#350590). Smith's research was partially supported by the United States Department of Homeland Security through the Center for Risk and Economic Analysis of Terrorism Events (CREATE), grant number EMW-2004-GR-0112. However, any opinion, findings, and conclusions or recommendations in this document are those of the author(s) and do not necessarily reflect views of the US Department of Homeland Security. Thanks are due Anna Alberini, Spencer Banzhaf, Martin Smith, and two anonymous reviewers for exceptionally careful and constructive comments on an earlier draft of this paper. Thanks are also due to Jaren C. Pope, Michael E. Darden, Brian Stynes, Kent Anderson, and Natalie Rockwell for excellent research assistance with this project, to Susan Hinton for assistance in assembling the data, and to Alex Boutaud in preparing numerous drafts of this paper. ",
year = "2005",
month = nov,
doi = "10.1016/j.jeem.2005.05.002",
language = "English (US)",
volume = "50",
pages = "541--561",
journal = "Journal of Environmental Economics and Management",
issn = "0095-0696",
publisher = "Academic Press Inc.",
number = "3",
}