期刊
JOURNAL OF FINANCIAL ECONOMICS
卷 134, 期 2, 页码 253-272出版社
ELSEVIER SCIENCE SA
DOI: 10.1016/j.jfineco.2019.03.013
关键词
Climate change; Asset prices; Beliefs; Sea level rise; Real estate
Homes exposed to sea level rise (SLR) sell for approximately 7% less than observably equivalent unexposed properties equidistant from the beach. This discount has grown over time and is driven by sophisticated buyers and communities worried about global warming. Consistent with causal identification of long-horizon SLR costs, we find no relation between SLR exposure and rental rates and a 4% discount among properties not projected to be flooded for almost a century. Our findings contribute to the literature on the pricing of long-run risky cash flows and provide insights for optimal climate change policy. (C) 2019 Published by Elsevier B.V.
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