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Flood Protection and Land Value Creation: Not All Resilience Investments Are Created Equal

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dc.contributor.authorViguié, Vincent
dc.contributor.authorJafino, Bramka Arga
dc.contributor.authorHallegatte, Stephane
dc.contributor.authorAvner, Paolo
dc.date.accessioned2021-08-05T12:52:57Z
dc.date.available2021-08-05T12:52:57Z
dc.date.issued2021-07
dc.description.abstractThis paper investigates the land value creation potential from flood mitigation investments in a theoretical and applied setting, using the urban area of Buenos Aires as a case study. It contributes to the literature on the wider economic benefits of government interventions and the dividends of resilience investments. Using a simple urban economics framework that represents land and housing markets, it finds that not all flood mitigation interventions display the same potential for land value creation: where land is more valuable (city centers for example), the benefits of resilience are higher. The paper also provides ranges for land value creation potential from the flood mitigation works in Buenos Aires under various model specifications. Although the estimates vary largely depending on model parameters and specifications, in many cases the land value creation would be sufficient to justify the investments. This result is robust even in the closed city configuration with conservative flood damage estimates, providing that the parameters remain reasonably close to the values obtained from the calibration. Finally, acknowledging that fully calibrating and running an urban simulation model is data greedy and time intensive—even a simple model as proposed here—this research also proposes reduced form expressions that can provide approximations for land value creation from flood mitigation investments and can be used in operational contexts.en
dc.identifierhttp://documents.worldbank.org/curated/en/489851627570942811/Flood-Protection-and-Land-Value-Creation-Not-All-Resilience-Investments-Are-Created-Equal
dc.identifier.urihttps://hdl.handle.net/10986/36055
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 9744
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectRESIDENTIAL INVESTMENT
dc.subjectFLOOD CONTROL
dc.subjectURBAN ECONOMIC DEVELOPMENT
dc.subjectHOUSING REGULATION
dc.subjectLAND USE
dc.subjectTRANSPORT PLANNING
dc.titleFlood Protection and Land Value Creationen
dc.title.subtitleNot All Resilience Investments Are Created Equalen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.date.disclosure2021-07-29
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/489851627570942811/Flood-Protection-and-Land-Value-Creation-Not-All-Resilience-Investments-Are-Created-Equal
okr.guid489851627570942811
okr.identifier.doi10.1596/1813-9450-9744
okr.identifier.externaldocumentum090224b08884b258_2_0
okr.identifier.internaldocumentum33304580
okr.identifier.reportWPS9744
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/489851627570942811/pdf/Flood-Protection-and-Land-Value-Creation-Not-All-Resilience-Investments-Are-Created-Equal.pdfen
okr.topicUrban Development::Hazard Risk Management
okr.topicUrban Development::Transport in Urban Areas
okr.topicUrban Development::Urban Economic Development
okr.topicUrban Development::Urban Housing
okr.topicWater Resources::Flood Control
okr.unitGlobal Facility for Disaster Reduction and Recovery
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relation.isAuthorOfPublicationaba5095c-0b26-4b6b-a711-2f6efb69a279
relation.isAuthorOfPublication.latestForDiscovery2fea2b63-4a74-5fbd-b964-71ef895df009
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
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