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WOLF Michael David大学院経済学研究科 経済学専攻准教授
研究活動情報
■ 受賞- 2023年10月 Society for Environmental Economics and Policy Studies, Young Achievement Award, Holding Back the Storm: Dam Capitalization in Residential and Commercial Property Values
- 2022年 Western Regional Science Association, Stough-Johansson Springer Award's Best Paper by an Early Career Scholar
- 2019年07月 Agricultural and Applied Economics Association, Outstanding Doctoral Dissertation Award
- 2016年 Ohio State University Department of AED Economics, Bernie Erven Teaching Award
- Abstract Harmful algal blooms (HABs) impose a wide range of costs on surrounding communities. While the effects of HABs on real estate transactions are well studied, less is understood about whether homeowners make alterations to their homes in response to worsening water quality conditions. Using discrete-time duration analysis, 8 years’ worth of satellite imagery, and residential construction permit data from six Ohio counties bordering Lake Erie, we find a positive and robust estimate of the elasticity of residential pool construction with respect to algal intensity. This suggests homeowners substitute a home renovation for recreational access. We later replace pool construction decisions with those for detached garages and find a negative relationship, indicating that alternative home renovations could be considered as complements to local environmental quality. These findings are consistent with the predictions derived from a theoretical model of homeowner utility maximization and they help to provide a more holistic understanding of the damages caused by HAB proliferation.Springer Science and Business Media LLC, 2025年03月, Environmental and Resource Economics, 英語, パスワードが無い[査読有り]研究論文（学術雑誌）
- Informa UK Limited, 2024年01月, Applied Economics Letters, 1 - 5, 英語, パスワードが無い[査読有り]研究論文（学術雑誌）
- Abstract Fiber internet expansion represents a path to improved economic vitality for Americans, but it is unclear who benefits from it and by how much. We examine the effects of subsidized fiber internet expansion on home prices and homebuyer demographics using data from Wisconsin and an IV approach to correct for fiber network endogeneity. We find fiber internet increases urban and rural housing values by 1.83% ($3,462) and decreases the likelihood a homebuyer is white by 2.88%, but in urban areas only. Fiber internet therefore does not appear to drive minority homebuyers away but may contribute to the urban‐rural racial divide.Wiley, 2023年10月, Journal of Regional Science, パスワードが無い[査読有り]研究論文（学術雑誌）
- Elsevier BV, 2022年10月, Journal of Environmental Economics and Management, 116, 102732 - 102732, パスワードが無い[査読有り]研究論文（学術雑誌）
- Elsevier BV, 2022年09月, Ecological Economics, 199, 107482 - 107482, パスワードが無い[査読有り]研究論文（学術雑誌）
- Elsevier BV, 2022年05月, Resource and Energy Economics, 68, 101299 - 101299, パスワードが無い[査読有り]研究論文（学術雑誌）
- Wiley, 2022年01月, American Journal of Agricultural Economics, 104(5) (5), 1701 - 1723, パスワードが無い[査読有り]研究論文（学術雑誌）
- Oxford University Press, 2021年08月, Oxford Research Encyclopedia of Economics and Finance
The value of a differentiated product is simply the sum of its parts. This concept is easily observed in housing markets where the price of a home is determined by the underlying bundle of attributes that define it and by the price households are willing to pay for each attribute. These prices are referred to as implicit prices because their value is indirectly revealed through the price of another product (typically a home) and are of interest as they reveal the value of goods, such as nearby public amenities, that would otherwise remain unknown.
This concept was first formalized into a tractable theoretical framework by Rosen, and is known as the hedonic pricing method. The two-stage hedonic method requires the researcher to map housing attributes into housing price using an equilibrium price function. Information recovered from the first stage is then used to recover inverse demand functions for nonmarket goods in the second stage, which are required for nonmarginal welfare evaluation. Researchers have rarely implemented the second stage, however, due to limited data availability, specification concerns, and the inability to correct for simultaneity bias between price and quality. As policies increasingly seek to deliver large, nonmarginal changes in public goods, the need to estimate the hedonic second stage is becoming more poignant. Greater effort therefore needs to be made to establish a set of best practices within the second stage, many of which can be developed using methods established in the extensive first-stage literature.
[査読有り][招待有り] - 2021年02月, Land Economics, 英語, パスワードが無いConvergent Validity of Satellite and Secchi Disk Measures of Water Clarity in Hedonic Models[査読有り]研究論文（学術雑誌）
- 2020年02月, American Journal of Agricultural Economics, 102(2) (2), 727 - 729, 英語Outstanding Doctoral Dissertations - Beyond Marginal Valuation: The Economic Impacts of Harmful Algal Blooms学位論文（博士）
- 2019年11月, Land Economics, 95(4) (4), 455 - 472, 英語, パスワードが無いThe Impacts of Harmful Algal Blooms and E. coli on Recreational Behavior in Lake Erie[査読有り]研究論文（学術雑誌）
- 2017年09月, Journal of Environmental Management, 199(1) (1), 148 - 157, 英語, パスワードが無いReeling in the damages: Harmful algal blooms' impact on Lake Erie's recreational fishing industry[査読有り]研究論文（学術雑誌）
- 2017年05月, Ecological Economics, 135, 209 - 221, 英語, パスワードが無いBloom and bust: Toxic algae's impact on nearby property values[査読有り]研究論文（学術雑誌）
- Japan-Tokyo Resource and Environmental Economics (J-TREE) 2nd Annual Regional Workshop, 2025年02月, 英語Are Building Codes an Effective Adaptation to Wind Risk? Evidence from Remotely-Detected Blue Tarps口頭発表（一般）
- Nagoya City University, 2024年11月, 英語Are Building Codes an Effective Adaptation to Wind Risk? Evidence from Remotely-Detected Blue Tarps[招待有り]口頭発表（一般）
- Center for Environmental Economics - Montpellier, 2024年09月, 英語Are Building Codes an Effective Adaptation to Wind Risk? Evidence from Remotely-Detected Blue Tarps[招待有り]口頭発表（一般）
- University Jean-Monnet, 2024年09月, 英語Investigating the Distributional Impacts of Hurricane Wind Damage on Housing Price and Housing Repair[招待有り]口頭発表（一般）
- Kyoto Environment and Development (KED) Seminar, 2024年01月, 英語Batten Down the Hatches: Hedonic Valuation of Private Hurricane Protection[招待有り]口頭発表（一般）
- The 28th SEEPS (Society for Environmental Economics and Policy Studies) Annual Conference, 2023年09月, 英語Batten Down the Hatches: Hedonic Valuation of Private Hurricane Protection口頭発表（一般）
- Asian Association of Environmental and Resource Economists, 2023年08月, 英語The Importance of Market Boundaries: Hedonic Valuation of Risk Following the Tohoku Earthquake口頭発表（一般）
- Workshop on Climate and Environmental Economics Waseda University, 2023年04月, 英語The Importance of Market Boundaries: Hedonic Valuation of Risk Following the Tohoku Earthquake[招待有り]口頭発表（一般）
- J-Tree Seminar Series, 2023年02月, 英語The Importance of Market Boundaries: Hedonic Valuation of Risk Following the Tohoku Earthquake口頭発表（一般）
- The Applied Regional Science Conference 36th Annual Meeting, 2022年12月Using Cross-Validation to Value Seismic Risk: An Examination of the 2011 Tohoku Earthquake口頭発表（一般）
- 27th Annual Society for Environmental Economics and Policy Studies (SEEPS), 2022年10月, 英語Using Cross-Validation to Value Seismic Risk: An Examination of the 2011 Tohoku Earthquake口頭発表（一般）
- 第611回経済学会例会, 2022年04月, 英語Who Gives a Dam? Capitalization of Flood Protection in Fukuoka, Japan[招待有り]口頭発表（一般）
- Japan-Tokyo Resource and Environmental Economics (J-TREE) Seminar Series, 2022年01月Who Gives a Dam? Capitalization of Flood Protection in Fukuoka, Japan口頭発表（一般）
- 6th Annual International Conference on Applied Econometrics in Hawaii, 2021年11月Who Gives a Dam? Capitalization of Flood Protection in Fukuoka, Japan[招待有り]口頭発表（一般）
- 26th Annual Society for Environmental Economics and Policy Studies (SEEPS), 2021年09月Who Gives a Dam? Capitalization of Flood Protection in Fukuoka, Japan口頭発表（一般）
- Rokko Forum, 2021年08月, 英語Who Gives a Dam? Capitalization of Flood Protection in Fukuoka, Japan.[招待有り]口頭発表（一般）
- AERE Session at the 85th Annual Midwestern Economic Association, 2021年03月, 英語Willingness to Pay for Water Quality in Lake Erie: The Effect of Algae Contamination on Housing Prices口頭発表（一般）
- AERE Session at the 47th Annual Eastern Economics Association, 2021年02月, 英語Willingness to Pay for Water Quality in Lake Erie: The Effect of Algae Contamination on Housing Prices口頭発表（一般）
- Society for Environmental Economics and Policy Studies (SEEPS) Camp, 2021年02月, 英語Willingness to Pay for Water Quality in Lake Erie: The Effect of Algae Contamination on Housing Prices口頭発表（一般）
- Society for Environmental Economics and Policy Studies, 2020年09月, 英語Harmful Algal Blooms Joint Impact on Property Values and Home Liquidity: Evidence from the Chesapeake Bay口頭発表（一般）
- 2019 AAEA (Agricultural and Applied Economics) Annual Meeting, 2019年07月, 英語Harmful Algal Blooms’ Joint Impact on Property Values and Home Liquidity: Evidence from the Chesapeake Bayポスター発表
- 7th Annual Summer Conference of the Association of Environmental and Resource Economist, 2019年05月, 英語Harmful Algal Blooms’ Joint Impact on Property Values and Home Liquidity: Evidence from the Chesapeake Bayポスター発表
- 6th World Congress of Environmental and Resource Economists, 2018年06月, 英語The Cost of Algae Contamination in Freshwater Lakes: Identification of Demand Functions for Environmental Quality口頭発表（一般）
- 6th World Congress of Environmental and Resource Economists, 2018年05月, 英語Does Heterogeneity within the Second-Stage Matter? Recovering Water Quality Demand Functions using a Nationwide Housing Database口頭発表（一般）
- Camp Resources XXIV, 2017年08月, 英語The Cost of Algae Contamination in Freshwater Lakes: Identification of Demand Functions for Environmental Quality口頭発表（一般）
- 2017 AAEA (Agricultural and Applied Economics Association) Annual Meeting, 2017年08月, 英語Reeling in the Damages: Harmful Algal Blooms’ Impact on Lake Erie’s Recreational Fishing Industry口頭発表（一般）
- 2017 AAEA (Agricultural and Applied Economics Association) Annual Meeting, 2017年07月, 英語The Cost of Algae Contamination in Freshwater Lakes: Identification of Demand Functions for Environmental Quality口頭発表（一般）
- 6th Annual Summer Conference of the Association of Environmental and Resource Economists, 2017年05月, 英語The Cost of Algae Contamination in Freshwater Lakes: Identification of Demand Functions for Environmental Quality口頭発表（一般）
- 2016 AAEA (Agricultural and Applied Economics Association) Annual Meeting, 2016年08月, 英語Bloom and Bust: Toxic Algae’s Impact on Nearby Property Values口頭発表（一般）
- 5th Annual Summer Conference of the Association of Environmental and Resource Economists, 2016年06月, 英語Bloom and Bust: Toxic Algae’s Impact on Nearby Property Values口頭発表（一般）
- Society for Environmental Economics and Policy Studies2020年08月 - 現在
- Association of Environmental and Resource Economists
- Agricultural and Applied Economics Association
- 日本学術振興会, 科学研究費助成事業, 基盤研究(C), 神戸大学, 2024年04月 - 2027年03月, 研究代表者Investigating the Distributional Impacts of Hurricane Wind Damage on Housing Price and Housing Repair
- 日本学術振興会, 科学研究費助成事業 基盤研究(B), 基盤研究(B), 神戸大学, 2021年04月 - 2024年03月, 研究分担者気候変動に適応する包摂的な経済システムの基礎的研究
- Japan Society for the Promotion of Science, Grants-in-Aid for Scientific Research Grant-in-Aid for Research Activity Start-up, Grant-in-Aid for Research Activity Start-up, Kobe University, 2020年09月11日 - 2022年03月31日Modeling Linkages Between Land Development And Water Quality in Freshwater LakesI make two advancements which helps us to better understand how people value changes in public goods. I first implement a new econometric method that allows for the recovery of demand functions of public goods, which are better suited for non-marginal welfare analysis relative to MWTP. Using water quality as an application, I find traditional MWTP estimates undercount the benefits from water quality improvement by at least 22% or $1,500 per household in comparison to the benefits derived from a demand function.In subsequent research, I examine a new topic by looking at how downstream rental prices in Fukuoka, Japan responded to the completion of an upstream dam. I find apartment prices rose by 1.8% if they were protected by the recently completed Gokayama Dam. This premium is only observed after a natural disaster hit western Japan in 2018, causing residents to update their perceptions of flood risk.