Hazard perception and the economic impact of internment on residential land values

Conference · Fri Apr 01 00:00:00 EST 1983 · Proc. - Inst. Environ. Sci.; (United States)

OSTI ID:6983737

Merz, J F

The potential for large scale natural and man-made hazards exists in the form of hurricanes, earthquakes, volcanoes, floods, dams, accidents involving poisonous, explosive or radioactive materials, and severe pollution or waste disposal mishaps. Regions prone to natural hazards and areas located proximally to technological hazards may be subject to economic losses from low probability-high consequence events. Economic costs may be incurred in: evacuation and relocation of inhabitants; personal, industrial, agricultural, and tax revenue losses; decontamination; property damage or loss of value; and temporary or prolonged internment of land. The value of land in an area subjected to a low probability-high consequence event may decrease, reflecting, a fortiori, a reluctance to continue living in the area or to repopulate a region which had required internment. The future value of such land may be described as a function of location, time, interdiction period (if applicable), and variables reflecting the magnitude of the perceived hazard. This paper presents a study of these variables and proposes a model for land value estimation. As an example, the application of the model to the Love Canal area in Niagara Falls, New York is presented.

• Research Organization: Westinghouse Electric Co.
• OSTI ID: 6983737
• Report Number(s): CONF-830411-
• Journal Information: Proc. - Inst. Environ. Sci.; (United States), Conference: 29. Institute of Environmental Sciences technical meeting, Los Angeles, CA, USA, 18 Apr 1983
• Country of Publication: United States
• Language: English

Related Subjects

54 ENVIRONMENTAL SCIENCES
29 ENERGY PLANNING
POLICY AND ECONOMY
LAND RECLAMATION
ECONOMIC IMPACT
NEW YORK
LAND USE
VALUES
CALCULATION METHODS
APPRAISAL
DISASTERS
MATHEMATICAL MODELS
RESIDENTIAL SECTOR
FEDERAL REGION II
NORTH AMERICA
USA
510500* - Environment
Terrestrial- Site Resource & Use Studies- (-1989)
530100 - Environmental-Social Aspects of Energy Technologies- Social & Economic Studies- (-1989)