Estimating Consumer Valuation of Earthquake Risk: Evidence from Japanese Housing Markets

The relationships between seismic risk and rental and owner- occupied housing prices in the whole of Japan are examined. The empirical results from hedonic regressions with earthquake risk indices suggest that: (1) earthquake occurrence probability has a significantly negative effect on monthly housing rent, (2) the effect of earthquake probability seems to depend on the characteristics of the individual housing unit (e.g. age of dwelling) for owner-occupied housing, (3) the estimated risk premium is much larger for older buildings, and (4) the share of quake-resistant dwellings in the neighborhood area is significantly and positively related to the housing price of the individual unit. These results suggest that anti-seismic policies that target specific groups of dwellings, such as rental houses and older buildings, help to mitigate welfare loss due to earthquakes.Earthquake; Hedonic price model; Risk premium

Intergenerational Correlation of Household Wealth : Evidence from the JHPS Second-Generation Supplement

IPSE DP 2021F00

Subaru near infrared coronagraphic images of T Tauri

High angular resolution near-infrared (JHK) adaptive optics images of T Tau were obtained with the infrared camera Coronagraphic Imager with Adaptive Optics (CIAO) mounted on the 8.2m Subaru Telescope in 2002 and 2004. The images resolve a complex circumstellar structure around a multiple system. We resolved T Tau Sa and Sb as well as T Tau N and S. The estimated orbit of T Tau Sb indicates that it is probably bound to T Tau Sa. The K band flux of T Tau S decreased by ˜ 1.7 Jy in 2002 November compared with that in 2001 mainly because T Tau Sa became fainter. The arc-like ridge detected in our near-infrared images is consistent with what is seen at visible wavelengths, supporting the interpretation in previous studies that the arc is part of the cavity wall seen relatively pole-on. Halo emission is detected out to ˜2\u27\u27from T Tau N. This may be light scattered off the common envelope surrounding the T Tauri multiple system

A Young Brown Dwarf Companion to DH Tauri

We present the detection of a young brown dwarf companion DH Tau B associated with the classical T Tauri star DH Tau. Near-infrared coronagraphic observations with CIAO on the Subaru Telescope have revealed DH Tau B with H = \~15 mag located at 2.3" (330 AU) away from the primary DH Tau A. Comparing its position with a Hubble Space Telescope archive image, we confirmed that DH Tau A and B share the common proper motion, suggesting that they are physically associated with each other. The near-infrared color of DH Tau B is consistent with those of young stellar objects. The near-infrared spectra of DH Tau B show deep water absorption bands, a strong K I absorption line, and a moderate Na I absorption line. We derived its effective temperature and surface gravity of Teff = 2700 -- 2800 K and log g = 4.0--4.5, respectively, by comparing the observed spectra with synthesized spectra of low-mass objects. The location of DH Tau B on the HR diagram gives its mass of 30 -- 50 M_Jupiter.Comment: 10 pages, 14 figures, 1 table, accepted for publication in Ap

Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes

The hedonic pricing approach is used to examine whether homeowners and/or renters alter their subjective assessments of earthquake risks after massive earthquakes. Using nation-wide household panel data coupled with earthquake hazard information and records of observed earthquakes, we find that there are some modifications of individuals' assessments of earthquake risk in both cases. We have carefully taken into consideration the bias stemming from the use of objective risk variables as a proxy for individual risk assessments. Our results suggest that the price discount from locating within a quake-prone area is significantly larger soon after earthquake events than beforehand. We argue that the most likely interpretation for this result is that households tend to underestimate earthquake risk if there has not been a recent occurrence.Earthquake risks Hedonic price model Panel data models

Community Rating, Cross Subsidies and Underinsurance: Why so many Households in Japan do not Purchase Earthquake Insurance

Earthquake insurance, Cross-subsidization, Risk, Japan,