Measuring the Effects of a Flood Control Project: Hedonic Land Price Approach

This article aims to measure the effects of a flood control project planned for the Chitose River Basin in Hokkaido Prefecture, Japan, using hedonic land price functions. In these functions, "annual expected depth of flood water" is introduced as an explanatory variable to represent the effect of the flood control project. Comparing the approach with the method of "the economic analysis of flood control projects", which has been a conventional evaluation method widely used in Japan, the efficiency and limitations of our approach are discussed.