The risk from extreme, rare events is hard to assess, possibly due to imperfect information. This paper studies an extreme but often ignored risk, liquefaction. A precise, easily verifiable, and trusted information about land liquefaction hazard, Technical Categories (TCs), was released in October 2011 after the 2010/2011 earthquake sequence (EQS) in Christchurch. This paper evaluates the impact of the provision of TCs on housing prices in Christchurch using housing sales 2005–2018. I find that TC classification caused a persistent price reduction in neighborhoods assessed with the highest future liquefaction risk (TC3). Results from boundary discontinuity design show the immediate sharp price reduction in TC3, relative to TC2, reached 17.7% by the third year after the provision of TC classification, followed by a partial recovery that stabilized around 13%. I also find evidence that even though multiple versions of the liquefaction hazard map were produced between 2001 and 2005, these non-salient updates were irrelevant in periods before and after the 2010/2011 EQS.

极端罕见事件的风险很难评估，可能是由于信息不完善所致。本文研究了一种极端但经常被忽视的风险，即液化。在克赖斯特彻奇发生2010/2011年地震序列（EQS）之后，于2011年10月发布了有关土地液化危害的精确，易于验证且值得信赖的信息，即技术类别（TC）。本文使用2005-2018年的房屋销售评估了TC的提供对基督城房屋价格的影响。我发现TC分类导致在未来液化风险（TC3）最高的社区中价格持续下降。边界不连续性设计的结果显示，在提供TC分类后的第三年，TC3相对于TC2的价格急剧下降，随后部分恢复，稳定在13％左右。我还发现有证据表明，即使在2001年至2005年之间产生了多个版本的液化危害图，但这些非显着性更新在2010/2011年EQS之前和之后的时间中都是无关紧要的。