NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Caroline A. Hopkins

Tepper School of Business
Carnegie Mellon University
5000 Forbes Avenue
Pittsburgh, PA 15213

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NBER Working Papers and Publications

June 2019Hurricane Katrina Floods New Jersey: The Role of Information in the Market Response to Flood Risk
with Nicholas Z. Muller: w25984
This study uses hedonic property models to explore how coastal real estate markets subject to heterogeneous information treatments respond to flood risk. We identify reactions to flood risk, distinctly from price effects due to flood damage, by examining non-local flooding events. Utilizing a difference-in-difference methodology, we test whether the coastal real estate market in New Jersey responds to several well-publicized hurricanes and tropical storms that did not strike the Atlantic seaboard. We find that homes in high flood risk zones situated in towns that participate in public flood awareness activities incur a 7 to 16 percent decrease in price after the non-local shock.
 
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