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This paper analyzes the effects of wildfires on house price in the western United States. Results from this analysis show a small, but significant negative impact of wildfires on house value when effects are analyzed on a zip code level. A -0.85% change is found in a zip code’s average house value when a zip code shifts from the 25th percentile in fire instances to the 75th percentile in fire ... read moreinstances, and pre-fire trends are considered. A larger effect of wildfires on house price is found in states with a lower average house value, and a larger effect is found in 25th quantile of house price than in the 75th. There is also evidence that vegetation amplifies the negative impact of wildfires on house price, and increased land development dampens the effect, though this is not consistent across states. The large average size of zip codes in the western US may cause for the magnitude of the effect of wildfires on house price to be greatly underestimated.
Advisor: Professor Ujjayant Chakravortyread less
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