Human migration is increasingly seen as a promising climate change adaptation and flood risk reduction strategy. The purpose of this paper is to investigate how spatial differences in flood risk, due to differences in flood protection, reduce the mobility of vulnerable households through a credit constraint mechanism. Using an equilibrium model with two households types and endogenous sorting, we show how spatial differences in flood protection lead to clustering of vulnerable households in a risky region, in a real-world setting of common United States (US) flood zones. We find clustering effects of some size for flood zones with return periods of less than 30 years.

中文翻译：

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防洪和家庭内生分拣：信贷约束的作用。

人们越来越多地将人口迁移视为适应气候变化和减少洪水风险的战略。本文的目的是研究由于防洪措施的不同而导致的洪水风险的空间差异如何通过信贷约束机制降低脆弱家庭的流动性。使用具有两种住户类型和内生分类的平衡模型，我们展示了洪水保护的空间差异如何在现实世界中常见的美国（US）洪水区中导致高风险地区的脆弱住户聚集。我们发现，对于回归期少于30年的洪泛区，存在一定规模的聚类效应。