Does Climate Change Affect Real Estate Prices? Only If You Believe In It
研究了房价是否反映人们对气候变化看法的差异，发现相信气候变化的社区中，预计被淹没的房屋售价低于否认者社区，表明房价体现了对长期气候风险的信念异质性。
Abstract This paper studies whether house prices reflect belief differences about climate change. We show that in an equilibrium model of housing choice in which agents derive utility from ownership in a neighborhood of similar agents, prices exhibit different elasticities to climate risk. We use comprehensive transaction data to relate prices to inundation projections of individual homes and measures of beliefs about climate change. We find that houses projected to be underwater in believer neighborhoods sell at a discount compared to houses in denier neighborhoods. Our results suggest that house prices reflect heterogeneity in beliefs about long-run climate change risks.