| Title |
Assessing the Impact of a Man-made Earthquake Disaster on Regional House Prices: Proposing a Recovery Policy Direction with a Focus on the Pohang Earthquake |
| DOI |
https://doi.org/10.5659/JAIK.2023.39.5.233 |
| Keywords |
earthquake; natural disaster; man-made disaster; indirect loss; regional house prices; difference-in-differences |
| Abstract |
This study analyzes the impact of a man-made earthquake triggered by the government announcement on regional house prices in Pohang-si,
South Korea. The findings reveal a short-term decline in house prices that lasted for approximately one month, followed by a more
significant prolonged decline lasting over a year. The study further indicates that residents may experience greater anxiety over man-made
disasters compared to natural disasters, leading to indirect losses that affect high-priced houses more than low-priced ones. Based on these
findings, a recovery policy focused on improving resident satisfaction through urban regeneration, and adding new amenities and facilities was
proposed. These measures aim to counteract the negative effects of house price declines and provide reference data for calculating indirect
losses and establishing recovery measures in the aftermath of disasters. |