Kyoto Environment and Development (KED) Seminar is taking place at 16:45 pm on Thursday January 11th. We will welcome David Wolf from Kobe University, and he will talk about the hedonic valuation of private hurricane protection.

Kyoto Environment and Development Seminar #29

• Date&Time: January 11, 2024, Thursday 16:45-18:15 (JST)
• Language: English
• Venue: E217, Main Bldg., Graduate School of Agriculture, Kyoto University / Zoom Web
• Seminar Speaker:  David Wolf (Kobe University)

Register in advance for this meeting:

https://kyoto-u-edu.zoom.us/meeting/register/tZUqc-yoqzkoEtb_6EqjTtRp0VyZEU0dmPXz

After registering, you will receive a confirmation email containing
information about joining the meeting.

Title:

Batten Down the Hatches: Hedonic Valuation of Private Hurricane
Protection (co-authored with Kenji Takeuchi, Kyoto University, and Tang
Cheng Keat, Nanyang Technological University)

Abstract:

Climate change is expected to exacerbate hurricane damage by
increasing the intensity and decreasing the speed at which hurricanes
travel. While most relevant studies have emphasized the economic
consequences of flooding, hurricanes often inflict more damage via the wind than water. We contribute to this literature by developing a novel dataset which allows us to pinpoint the location of wind-struck buildings using high-resolution imagery taken after Hurricane Irma in 2017, object-based image classification algorithms, and property records from Lee County, Florida. We find properties damaged by the wind are sold at a 2% ($4,800) to 4% ($9,600) discount immediately after Hurricane Irma. This discount dissipates approximately 6 to 12-months out, though, reflecting the speed at which repairs are made. Furthermore, utilizing countywide permitting information, we find that re-roofing after experiencing wind damage can more than compensate for these initial losses. Additionally, buildings with roofs built after a 2001 statewide law change are found to be 1% to 3% less likely to be damaged by high-speed hurricane winds, with further but diminishing protection provided from more recent building standard revisions. Taken altogether, our analysis underscores the pivotal role of building codes in safeguarding property and reducing the associated costs from inadequate wind protection.

Chair:

Mitani (Division of Natural Resource Economics, Kyoto University)

Contact

Ken Miura

• miura.ken.3e [at] kyoto-u.ac.jp (replace [at] with @)