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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. (JEL Q24, Q26)
Bin et al. (Thu,) studied this question.
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