-
Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk
- Land Economics
- University of Wisconsin Press
- Volume 84, Number 3, August 2008
- pp. 434-448
- Article
- Additional Information
- Purchase/rental options available:
Coastal amenities and risk are so highly correlated that separate identification within the hedonic framework is potentially challenging. In this study, we construct a three-dimensional measure of ocean view, viewscape, accounting for natural topography and built obstruction that varies independent of risk classification to disentangle these spatially integrated housing characteristics. A spatial autoregressive hedonic model is developed to provide consistent estimates of the willingness to pay for coastal amenities and risk. Our findings suggest that incorporating the GIS-based view measures can be successful in isolating risk factors from spatial amenities.