{"title":"Cognitive limits of perceived flood risk on residential property values","authors":"Song Shi, Mustapha Bangura, Sumita Ghosh","doi":"10.1016/j.ijdrr.2024.104948","DOIUrl":null,"url":null,"abstract":"<div><div>Examining cognitive limits in flood risk perception for residential property values, we analyse the Richmond housing market in the state of New South Wales, Australia. Using micro-level home sales data, our study reveals that the market has integrated long-term flood risk into property values. A notable 10.8 % price discount is observed for properties within 1–100 Annual Exceedance Probability (AEP) flood zone, 4.4 % for those in an AEP 500 zone, with no discounts for AEP 1000 flood zone properties. Comparisons of 2019 and 2023 flood maps and property's Time-on-Market (TOM) affirm that people's cognitive limits constrain to the AEP 500 level.</div></div>","PeriodicalId":13915,"journal":{"name":"International journal of disaster risk reduction","volume":"114 ","pages":"Article 104948"},"PeriodicalIF":4.2000,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International journal of disaster risk reduction","FirstCategoryId":"89","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S2212420924007106","RegionNum":1,"RegionCategory":"地球科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"GEOSCIENCES, MULTIDISCIPLINARY","Score":null,"Total":0}
引用次数: 0
Abstract
Examining cognitive limits in flood risk perception for residential property values, we analyse the Richmond housing market in the state of New South Wales, Australia. Using micro-level home sales data, our study reveals that the market has integrated long-term flood risk into property values. A notable 10.8 % price discount is observed for properties within 1–100 Annual Exceedance Probability (AEP) flood zone, 4.4 % for those in an AEP 500 zone, with no discounts for AEP 1000 flood zone properties. Comparisons of 2019 and 2023 flood maps and property's Time-on-Market (TOM) affirm that people's cognitive limits constrain to the AEP 500 level.
期刊介绍：
The International Journal of Disaster Risk Reduction (IJDRR) is the journal for researchers, policymakers and practitioners across diverse disciplines: earth sciences and their implications; environmental sciences; engineering; urban studies; geography; and the social sciences. IJDRR publishes fundamental and applied research, critical reviews, policy papers and case studies with a particular focus on multi-disciplinary research that aims to reduce the impact of natural, technological, social and intentional disasters. IJDRR stimulates exchange of ideas and knowledge transfer on disaster research, mitigation, adaptation, prevention and risk reduction at all geographical scales: local, national and international.
Key topics:-
-multifaceted disaster and cascading disasters
-the development of disaster risk reduction strategies and techniques
-discussion and development of effective warning and educational systems for risk management at all levels
-disasters associated with climate change
-vulnerability analysis and vulnerability trends
-emerging risks
-resilience against disasters.
The journal particularly encourages papers that approach risk from a multi-disciplinary perspective.
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