Munich Personal RePEc Archive

Impact of a Disaster on Land Price: Evidence from Fukushima Nuclear Power Plant Accident

Managi, Shunsuke and Tanaka, Kenta (2014): Impact of a Disaster on Land Price: Evidence from Fukushima Nuclear Power Plant Accident.

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Abstract

The Great East Japan Earthquake, which occurred on March 11, 2011, triggered the Fukushima nuclear power plant accident. This study estimates the economic damage caused by the radioactive contamination from the plant using a hedonic approach. Our estimation results show that an increase of 1 decreases the land price by 3.39% on average in Fukushima and Miyagi prefectures. Specifically, damage due to the radiation effect is estimated to cost approximately 64.1 billion yen in Fukushima. In addition, our result shows that commercial and business areas are more sensitive than residential areas to the radiation quantity.

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