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Behavioral economics suggests that individuals overweight recent unexpected and/or rare events when updating beliefs. This study investigates the effect of such an event, the Fukushima nuclear crisis in 2011, on the learning process of a local environmental risk by evaluating how perceptions of the risk of a nuclear accident are capitalized into house prices near nuclear power plants (NPPs) in the ... read moreU.S. Our results provide new evidence on the dynamics of the effect - spatially, the impact was concentrated in a 4-km radius around NPPs, and temporally, it peaked a half year later and dissipated one year after the crisis.read less
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