Purpose This study aims to investigate countries without national property insurance and see how experience affects behavior toward higher-risk flood prone property. Design/methodology/approach Using a unique data set that captures the flood experiences of homeowners that search for new housing, the authors examine the premiums or discounts of such experience on homes at risk. The authors use hedonic property modeling to estimate the effects of experience on values. Findings The authors find that such experiences play a strong role in convincing buyers of the real risks imposed by climate change and sea level rise and the authors expect these demand-side behavioral changes to persist. This finding is unlike more developed markets where insurance may be subsidized and negative effects on value dissipate within a few years. Research limitations/implications The world is starting to pay more attention to climate risk and the results in developed countries have been biased by the extensive insurance provided by the government or emergency funding. Practical implications Providing market transparency on climate risks will result in permanent market effects, if not otherwise subsidized. Social implications The governments should encourage market disclosure. Originality/value No one has ever had a data set like this before where the authors get to observe the behavior of those already experiencing property losses from flooding.

AbstractThe aim of this paper is to measure the dynamic effects of listing price strategies and housing features on the probability of selling a house over the marketing period by adopting a two-stage regression analysis. In the first stage, we define the listing price strategies as the gaps between the actual listing price and expected selling price, estimated by a hedonic model. The Cox Probability Hazard models are applied in the second stage to measure the effects of listing price strategies on the probability of sales over various listing periods, such as 30-day, 90-day, 180-day and 270-day listing periods.We find that overpriced listing strategies have a significant impact on the probability of sale at any point during the first 30 days of marketing time. This effect seems to diminish and disappear after six months of marketing time. This shows that the first 30 days of the marketing time are critical and housing liquidity is strongly affected by pricing strategies. When the time on market is over 30 days, the influence of the seller’s pricing decisions on housing liquidity is diminished.

This study aims to build a two-stage theoretical model to analyse the role of social capital on the searching behaviours of a job seeker in two different markets. As the advantage of the social capital in either market triggers the reservation wages in both two markets equally, the job seeker should prioritize his or her resources enhancing a larger amount of the social capital in a particular market. Consequently, the job seeker tends to search more intensively in the market where she or he has a higher level of social capital. That is the seeker can shorten the expected searching time. The proposed model also explains why the job seeker sometimes chooses the 2nd highest wage offer instead of the highest one. JEL Classifications: C02, D83, J64