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Human-induced earthquakes, risk salience, and housing values
Resource and Energy Economics ( IF 3.553 ) Pub Date : 2020-12-10 , DOI: 10.1016/j.reseneeco.2020.101212
J. Wesley Burnett , Christopher Mothorpe

Oklahoma’s households have recently faced several thousand higher-probability but low-impact earthquakes induced by nearby shale gas development. This type of seismic activity is different from natural-occurring earthquakes, which are generally constituted by one, high-loss event. We investigate the mechanisms through which earthquakes may influence household perceptions of risk by modeling changes to property values in and out of seismically-active zones. We estimate that the induced earthquakes are spatially concentrated, which is partially influenced by governmental limits placed on natural gas production and wastewater injections. Additionally, we explore the underlying measure of earthquake intensity and identify its importance in modeling seismic impacts. Controlling for the stock-flow dynamics of seismicity through time, we estimate that Oklahoma County’s cumulative experience of earthquakes led to a diminution of property values. The impacts are further exacerbated by risk-saliency effects, as reflected in declining values associated with nearby wastewater injections and natural gas production.



中文翻译:

人为地震,风险显着性和房屋价值

俄克拉荷马州的家庭最近面临着由附近页岩气开发引发的几千次高概率但低影响的地震。这种类型的地震活动不同于自然发生的地震,后者通常由一次高损失事件构成。我们通过对地震活动区域内外的财产价值变化进行建模来研究地震可能影响家庭对风险的感知的机制。我们估计诱发的地震是空间集中的,部分受到政府对天然气生产和废水注入的限制。此外,我们探索了地震烈度的基本度量,并确定了其在模拟地震影响中的重要性。控制随时间变化的地震活动的库存流动态,我们估计俄克拉荷马州的地震累积经验导致财产价值下降。风险显着性效应进一步加剧了影响,反映在与附近废水注入和天然气生产相关的价值下降中。

更新日期:2020-12-10
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