Disaster on the horizon: The price effect of sea level rise

Bernstein, Asaf; Gustafson, Matthew; Lewis, Rory

doi:10.1016/j.jfineco.2019.03.013

Cited by 568 publications

(155 citation statements)

References 37 publications

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“…To the latter, we further face "unknown unknowns" in quantifying thermal forcing from noncarbon-based greenhouse gases like methane, which may prove an enormous and increasing-though illunderstood-contributor to global warming (Dean et al, 2018). To take another case, computer models have made great headway mapping the likely impact of rising sea levels on coastal real estate (Bernstein et al, 2019), but have struggled to quantify the impacts of still poorly understood climate feedbacks and nonlinear changes to major earth systems (Bonan & Doney, 2018) on near-future conditions. Even seemingly more solvable problems like finding out the root causes of bee hive collapse remain largely unsolved (Hallmann et al, 2017).…”

Section: Problems Of Knowingmentioning

confidence: 99%

Digital Sustainability and Entrepreneurship: How Digital Innovations Are Helping Tackle Climate Change and Sustainable Development

George

Merrill

Schillebeeckx

2020

Entrepreneurship Theory and Practice

437

216

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We explore how digital technologies are helping address grand challenges to tackle climate change and promote sustainable development. With digital technologies, entrepreneurial organizations have adopted innovative approaches to tackle seemingly intractable societal challenges. We refer to these broadly as digital sustainability activities. By focusing on the digital toolbox employed by pioneering organizations, we propose a research agenda that generates novel questions for entrepreneurship, business models, and ecosystems as well as new ways of thinking about trust and institutional logics. We believe that digital sustainability can spur empirical advances in entrepreneurship, innovation, and strategy with potential for positive impact on society.

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Section: Problems Of Knowingmentioning

confidence: 99%

Digital Sustainability and Entrepreneurship: How Digital Innovations Are Helping Tackle Climate Change and Sustainable Development

George

Merrill

Schillebeeckx

2020

Entrepreneurship Theory and Practice

437

216

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“…There is also a growing likelihood of shock effects through sudden adjustments in home lending and insurance that could lead to rapidly declining home values (Flavelle 2019). It is all the more important, then, that markets exhibit steady and anticipatory responses to the threats of SLR to avoid extreme price swings in the future (Bernstein, Gustafson, and Lewis 2019).…”

mentioning

confidence: 99%

“…and Kruse 2006;Beltr an, Maddison, and Elliott 2019), little research has been done on price adjustment in the face of anticipated vulnerability due to SLR. Moreover, the existing research is not conclusive.…”

mentioning

confidence: 99%

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Sea Level Rise, Homeownership, and Residential Real Estate Markets in South Florida

Nijman

2020

The Professional Geographer

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This article builds on a small but rapidly growing body of research that seeks to determine the impact of sea level rise on the pricing of residential properties. Through a spatial hedonic regression analysis of real estate markets in two Florida counties (Miami-Dade and Pinellas), we assess the influence of different exposure levels on market discounts. Our article stands out in terms of its focus on two comparative case studies and its differentiation between properties that are primary homes versus nonprimary homes. We find that generally discounts are positively associated with exposure levels and overall Miami-Dade experiences higher discounts than Pinellas due to the former's lower average elevations. We also observe different market behaviors of primary versus nonprimary home buyers and these are partially dependent on affluence. In Miami-Dade, price discounts are less for highly priced properties purchased by nonprimary owners. We attribute this to different buying motives and risk tolerance of affluent nonprimary homeowners. We argue that nonprimary ownership, particularly in high-end waterfront residential real estate, is tempering gradual market adaptation to sea level rise exposure risk, which could have detrimental longer-term consequences in terms of market volatility.

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“…Shoreline management policies such as hold-the-line and managed realignment (typically the abandonment of coastal agricultural land for wetland creation) constitute different dynamical trajectories [2,126], but both are manifestations of a boom-and-bust attractor, as hold-the-line strategies are likely not indefinite and managed realignment may require the deliberate abandonment of pre-existing infrastructure (Figure 2). There are also growing indications that sea level rise is beginning to negatively affect coastal property values in some areas [127]. Economic arguments contend that the preservation of coastal habitats and Building with Nature strategies could ultimately reduce risk and damage costs to coastal infrastructure over timescales relevant to management decision-making [9][10][11][12]14].…”

Section: Resilience In Coastal Human-environmental Systemsmentioning

confidence: 99%

Defining Coastal Resilience

Masselink

Lazarus

2019

Water

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The concept of resilience has taken root in the discourse of environmental management, especially regarding Building with Nature strategies for embedding natural physical and ecological dynamics into engineered interventions in developed coastal zones. Resilience is seen as a desirable quality, and coastal management policy and practice are increasingly aimed at maximising it. Despite its ubiquity, resilience remains ambiguous and poorly defined in management contexts. What is coastal resilience? And what does it mean in settings where natural environmental dynamics have been supplanted by human-dominated systems? Here, we revisit the complexities of coastal resilience as a concept, a term, and a prospective goal for environmental management. We consider examples of resilience in natural and built coastal environments, and offer a revised, formal definition of coastal resilience with a holistic scope and emphasis on systemic functionality: "Coastal resilience is the capacity of the socioeconomic and natural systems in the coastal environment to cope with disturbances, induced by factors such as sea level rise, extreme events and human impacts, by adapting whilst maintaining their essential functions." Against a backdrop of climate change impacts, achieving both socioeconomic and natural resilience in coastal environments in the long-term (>50 years) is very costly. Cost trade-offs among management aims and objectives mean that enhancement of socioeconomic resilience typically comes at the expense of natural resilience, and vice versa. We suggest that for practical purposes, optimising resilience might be a more realistic goal of coastal zone management.

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Disaster on the horizon: The price effect of sea level rise

Cited by 568 publications

References 37 publications

Digital Sustainability and Entrepreneurship: How Digital Innovations Are Helping Tackle Climate Change and Sustainable Development

Digital Sustainability and Entrepreneurship: How Digital Innovations Are Helping Tackle Climate Change and Sustainable Development

Sea Level Rise, Homeownership, and Residential Real Estate Markets in South Florida

Defining Coastal Resilience

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