Abstract
While bayside areas, which enjoy coastal natural environment, amenity, scenic landscapes, and so on, are typically attractive residential areas, they are very often vulnerable to flooding too. Unfortunately, flood risk is gradually increasing in Asian cities. In particular, the Tokyo metropolitan area is known as a high-risk metropolis. Building flood risk resilience while keeping the attractiveness of the bayside area is a critical issue in Tokyo. The objective of this study is to analyze the trade-off between benefits from the ocean and flood risk as a first step to increase urban resilience. To quantify the trade-off, this study uses the hedonic approach. We first review related hedonic studies and discuss which hedonic model is suitable to apply in our analysis. Subsequently, we perform a hedonic analysis of condominium prices and quantify the benefits from ocean-related variables, including ocean view and proximity to the ocean, and the negative effects from the flood risk. Here, a spatial additive multilevel model is used. The analysis results reveal that the flood risk is highly underestimated while the benefits from the ocean are appropriately evaluated in the target area.
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Notes
- 1.
Although the spline function does not explicitly consider spatial dependence, the introduction of variables describing the map pattern of y i−j , like the spline function, effectively captures the underlying spatial dependence and mitigates the omitted variables bias (spatial filtering; see, e.g., Getis and Griffith 2002; Murakami and Griffith 2015).
- 2.
If AIC is small, the model is accurate. Roughly speaking, two models have a significant difference in their accuracy when the gap of their AICs is more than 2.
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Murakami, D., Yamagata, Y. (2016). Flood Risk Management in Cities. In: Yamagata, Y., Maruyama, H. (eds) Urban Resilience. Advanced Sciences and Technologies for Security Applications. Springer, Cham. https://doi.org/10.1007/978-3-319-39812-9_4
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DOI: https://doi.org/10.1007/978-3-319-39812-9_4
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