This paper introduces an economic agent-based model of an urban housing market. Our Risks and Hedonics in Empirical Agent-based land market (RHEA) model captures natural hazard risks and environmental amenities through hedonic analysis, facilitating empirical agent-based land market modeling.
Property prices are affected by changing market conditions, incomes and preferences of people. Price trends in natural hazard zones may shift significantly and abruptly after a disaster signalling structural systemic changes in property markets.
The price of risk is an important indicator that can facilitate decisions in any risk mitigation policy, which demands for methods to value the social costs of risk as accurately as possible. In particular, in flood risk management the central number that influences the balance between costs and benefits is the price of flood risk.
We first start from the theory to isolate the cause-effect relationships and to formulate hypotheses. We then collect a set of very different data, ranging from market transactions to GIS, Lab experiments and surveys to test alternative behavioral theories and compare to observed macro data.
This paper aims to contribute to developing better ways for incorporating essential human elements in decision making processes for modelling of complex socio-ecological systems. It presents a step-wise methodology for integrating perceptions of stakeholders into formal simulation models...
This study investigates and compares the contribution of objective and subjective factors in explaining farmers’ drought risk perception by means of survey data analysis which collected data on risk perceptions, farm characteristics, and various other personality traits in the southwest Netherlands.
In the perspective of increasing droughts risks because of climate change, adaptation is key to decrease farmer’s vulnerability and to secure the agricultural sector’s performance at the aggregate level. Using the results of a recent survey, we explore farmers’ adaptive behaviour to drought in the south-west Netherlands.
This study explores several private adaptation responses to flood risk, that are driven by various behavioral triggers. We conducted a survey among households in hazard-prone areas in eight coastal states in the USA to examine the decision to retreat from flood zones.