Abstract: How do consumers respond to changes in risk or perceived risk? This question is
often difficult to answer because there are relatively few events that make the underlying
risk salient. In this paper, I exploit a quasi-natural experiment with changes in FEMA’s
flood maps and estimate how a change in flood zone status affects housing prices in
Miami-Dade County. Using newly digitized flood insurance maps and a newly created
parcel-level dataset of the universe of single family home sales from 1995 - 2019, I find
homes that were mapped into a flood zone experienced an average 14.7 percent decline
in sales price, while homes that were mapped out of flood zone experienced an average
-5.8 percent decline in sales price. Distance matters, the flood risk discount increases
with distance to the old flood zone boundary for homes that were mapped into a flood
zone. The effect is also long lasting; up to seven years after the map update, homes
that were mapped into a flood zone continue to experience a significant decline in sales
"Hazardous waste in the sunshine state"
Abstract: How do consumers value environmental cleanup? To answer this question, I examine
"Running on fumes: the impact of lead exposure on crime"
There are many challenges in establishing a causal link between lead exposure and crime. In this paper, I use a natural experiment where a large stock car racing company replaced its leaded gasoline with unleaded gasoline. Using the universe of racing data from the NASCAR racing series and the offender database from the Florida Department of Corrections, I will be able to provide causal estimates for the impact of lead exposure on contemporaneous crime.