[Publications]
[Publications]
Niu, D., Eichholtz, P., Kok, N. (2025) Asymmetric Information Provision and Flood Risk Salience. Journal of Housing Economics, 102060.
Muzio, MJ., Niu, D., Steil, J., Zheng, S. (2025) Understanding Housing Market Responses to Stringent Energy Codes. Real Estate Economics, forthcoming.
Kang, Y., Niu, D., Song, J., & Sun, W. (2024). Feeling the Heat: Extreme Temperatures and Housing Prices in China. Journal of Economic Surveys.
Holtermans, R., Niu, D., & Zheng, S. (2024). Quantifying the Impacts of Climate Shocks in Commercial Real Estate Market. Journal of Regional Science.
Büchler, S., Niu, D., Thompson, A., & Zheng, S. (2023). The Impact of Human Capital and Housing Supply on Urban Growth. Urban Studies, 61(2), 214-230.
Wang, L., Niu, D., Fan, H., & Long, X. (2022). Urban configuration and PM2. 5 concentrations: Evidence from 330 Chinese cities. Environment International, 161, 107129.
Niu, D., Sun, W., & Zheng, S. (2021). The role of informal housing in lowering China’s urbanization costs. Regional Science and Urban Economics. 103638.
Ma, L., Niu, D., & Sun, W. (2021). Transportation infrastructure and entrepreneurship: Evidence from high-speed railway in China. China Economic Review. 65, 101577.
Duan, L., Niu, D., Sun, W., & Zheng, S. (2021). Transportation infrastructure and capital mobility: evidence from China’s high-speed railways. The Annals of Regional Science. (2021): 1-32.
Niu, D., Sun, W., & Zheng, S. (2020). Travel Costs, Trade, and Market Segmentation: Evidence from China’s High-Speed Railway. Papers in Regional Science. 99 (6), 1799-1825.
Sun, W., Niu, D., Wan, G.,Transportation Facilities and Industrial Upgrade: Evidence from China’s High-speed Railway (in Chinese, <管理世界>), 2022, 3.
(with Nils Kok, Juan Palacios, and Siqi Zheng)
Abstract: While there is extensive evidence describing the effects of climate risk on asset prices, little is known about how professional valuers incorporate climate risk into their valuation practices. We examine how home valuers incorporate climate risk into property assessments by analyzing a comprehensive dataset of house transactions across coastal areas in the U.S. Our findings suggest that valuers systematically underestimate the impact of flood risk associated with sea level rise, leading to an overvaluation of at-risk properties by 3.1–4.4%, even after controlling for a rich set of location and property attributes. This overvaluation declines gradually through informal learning mechanisms, particularly (1) increased local appraisal experience with high-risk properties and (2) firsthand personal exposure to flooding. In contrast, formal training programs appear largely ineffective in addressing this gap, likely due to an insufficient emphasis on cli- mate risk. Mispriced climate risk could distort lending and insurance decisions, exposing financial institutions to unrecognized climate-related losses.
Presented at: NUS Real Estate Seminar 2024, MIT Climate Change and Real Estate Symposium 2024; AREUEA/ASSA 2025; AREUEA National 2025; FSU-UF Critical Issues in Real Estate 2025
Driving Sustainability: The Influence of Employee Ideology and Remote Work on Green Office Adoption
(with Ambra Amico and Siqi Zheng)
Aligning Climate and Housing Goals: A Data-Driven Approach to Support Equitable Decarbonization Policy Design
(with Justin Steil and Siqi Zheng)
(with Mariana Arcaya, Daniela Morales, Chenhan Shao, Siqi Zheng)
[Conferences and Presentations]
2025: ASSA-AREUEA Annual Conference, Jan 2025, San Francisco, US; FSU-UF Critical Issues in Real Estate Symposium, March 2025, Tallahassee, US; AREUEA National Conference, Washington DC, May 2025 (forthcoming)
2024: FHFA Internal Seminar, Dec 2024, zoom; MIT Climate Change and Real Estate Symposium, Oct 2024, Cambridge, US; Real Estate Finance and Investment Symposium, Sep 2024, Cambridge, UK; AREUEA International Conference, Jun 2024, Curaçao, the Netherlands; Dutch Financial Economics of Climate and Sustainability Workshop, May 2024, Amsterdam; ASSA-AREUEA Annual Conference, Jan 2024, San Antonio, US
2023: EEA-ESEM Annual Conference, August 2023, Barcelona, Spain; CRED-MIT Workshop on Real Estate Economics, August 2023, Bern, Switzerland; AREUEA International Conference, July 2023, Cambridge, UK; AREUEA National Conference, June 2023, Washington DC, US; 12th European Meeting of the Urban Economics Association, May 2023, Milan, Italy
2022: MIT Climate Change and Real Estate Conference, Dec 2022, Boston, US
2021: 15th North American Meeting of the Urban Economics Association, Oct 2021 (Zoom); AsRES/AREUEA, July 2021 (Zoom); ASSA-AREUEA Annual Conference, Jan 2021 (Zoom)
2019: North American Regional Science Conference, Nov 2019, Pittsburgh, US; Asian Real Estate Society Annual Conference, Jul 2019, Shenzhen, China; China Urban Economists Forum, Jun 2019, Tianjin, China