To analyze the effect of external information of Fukushima nuclear accident on apartment market near Kori nuclear power plant in Pusan(KNPP), firstly, the analysis period is divided into 2008 ~ 2014 and 2010 ~ 2012, secondly, the two treatment groups ...
To analyze the effect of external information of Fukushima nuclear accident on apartment market near Kori nuclear power plant in Pusan(KNPP), firstly, the analysis period is divided into 2008 ~ 2014 and 2010 ~ 2012, secondly, the two treatment groups consisted of apartment transactions (same as the control group) that occurred within the distance of 10km or less within 15km from the nuclear power plant, thirdly, the apartment price and the number of apartment transactions.
The apartment price effect in the housing market is as follows. (i) Prior to the Fukushima accident, apartment prices after the accident fell by an average of 3.7% in 2011 over the year, based on the average apartment price for the year 2010. (ii) Monthly cross-sectional estimates showing the effects of the "Fukushima nuclear accident" are based on the average apartment prices in April (May and June) in 2010, and those apartments within 10 km from KNPP in April 2011 Apartment prices decreased by an average of 10% (11%, 12%) compared to the control group, and an average of 7% (12%, 12%) in apartment housing market within 15 km .
In summary, the Fukushima incident information has had a negative impact on the housing market, and although the KNPP's near-term fall in the housing price of the treatment group, which was very short term, fell by about 3 percent point compared with the control group. In addition, external information of Fukushima accident showed a short-term effect of apartment price decrease in housing market for three months from April 2011 to June 2011.
The following is the effect of the housing transaction volume on the housing market against the Fukushima nuclear accident. First, the apartment trading volume of apartments located within 15 km of KNPP decreased by an average of 1.68 compared to the control group in 2010, based on the average trading volume of apartments in 2010. Second, unlike the short-term effects of housing prices, the effects of the apartment transaction volume in the housing market are less than the average trading volume of apartments in April 2010 and the apartments trading within 15 km of KNPP in April 2011 The average 1.35 contracts have started to decline, and the effect of this transaction volume has continued steadily until January 2012. Third, the average number of transactions for the three years from 2008 to 2010, apartments located within 15 km of KNPP decreased 1.79 contracts on average in 2012 compared to the control group. The effect of this decrease in apartment sales continued until 2013. Although the apartment price effect in the housing market did not show statistical significance in the long term, the trading volume of the apartments showed statistical significance, so that the information influence of the nuclear accident occurred more clearly in the apartment housing market than the apartment price.These results show that Coulomb et al. (2016) and Tanaka et al. (1986) have shown that the risk of housing damage is affected by the perceived risk of the residents around the nuclear power plant due to the potential risks of the facility, al. (2018).
The empirical analysis of this study suggests the following. First, the economic agents participating in the apartment housing market showed that the risk avoidance behavior on the external information of the Fukushima nuclear power plant was realized by the change in the asset value of falling apartment prices. In other words, local residents near the KNPP facilities did not correctly recognize the potential risks to nuclear facilities before the Fukushima accident, which implies that there is a gap between the perceived cost and the actual cost. Second, the fact that the residents of the 'neighbor' area experienced lower value of apartment value for three months than Fukushima after the accident, suggests that the social cost is concentrated in a certain area although it is a short-term effect. These results are consistent with the results that, in general, the benefits of nuclear facilities are equitably distributed throughout the region, but the costs are concentrated on the sites in which the facilities are located, resulting in disadvantages to the residents around the facilities, resulting in spatial inequality problems. In addition,Third, the accident at the Fukushima nuclear power plant in Japan changed the existing risk perception of the nuclear power plant in Busan Goryeong people. Specifically, individual risk avoidance costs for nuclear accidents amounted to roughly KRW 19 million. In three months, the number f apartment transactions within 15 km of KNPP was 705, with a total cost of about KRW 13.4 billion.