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Nuclear power plant closures and local housing values : evidence from Fukushima and the German housing market

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Braun_2017_JUE_NuclearPowerPlant_AAM.pdf (1.228Mb)
Date
05/2017
Author
Bauer, Thomas K.
Braun, Sebastian T.
Kvasnicka, Michael
Keywords
Fukushima
Nuclear Power Plants
Housing Prices
Germany
HB Economic Theory
HD Industries. Land use. Labor
H Social Sciences
3rd-DAS
BDC
SDG 7 - Affordable and Clean Energy
SDG 15 - Life on Land
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Abstract
The Fukushima Daiichi accident in Japan in March 2011 caused a fundamental change in Germany’s energy policy which led to the immediate shut down of nearly half of its nuclear power plants. Using data from Germany’s largest internet platform for real estate and employing a difference-in-differences approach, we find that Fukushima reduced housing prices near nuclear power plants that were in operation before Fukushima by 4.9%. Housing prices near sites that were shut down right after the accident even fell by 9.8%. Our results suggest that on the German housing market, the negative economic effects of the closure of nuclear power plants dominate potential positive changes in local amenities.
Citation
Bauer , T K , Braun , S T & Kvasnicka , M 2017 , ' Nuclear power plant closures and local housing values : evidence from Fukushima and the German housing market ' , Journal of Urban Economics , vol. 99 , pp. 94-106 . https://doi.org/10.1016/j.jue.2017.02.002
Publication
Journal of Urban Economics
Status
Peer reviewed
DOI
https://doi.org/10.1016/j.jue.2017.02.002
ISSN
0094-1190
Type
Journal article
Rights
Elsevier Ltd. All rights reserved. This work has been made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.1016/j.jue.2017.02.002
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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/17028

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