Homeowner Preference for Household-level Flood Mitigation in US: Analysis of a Discrete Choice Experiment

ECU Author/Contributor (non-ECU co-authors, if there are any, appear on document)

Eugene Frimpong (Creator)

Gregory Howard (Creator)

Jamie Kruse (Creator)

Institution

East Carolina University (ECU )

Web Site: http://www.ecu.edu/lib/

Abstract: The Federal Emergency Management Agency (FEMA) offers a portfolio of flood risk mitigation options for high-risk homeowners, hoping to reduce flood damages. Buyout (home acquisition) and home retrofit (e.g., home elevation) are candidates available to homeowners. FEMA has recently amended and increased its buyout efforts. This study examines homeowners’ stated preference for buyout and home elevation contracts using survey data. Results indicate multiple factors influence the decision to participate in home acquisition and elevation programs. Importantly, we find that preferences vary with the timing (whether the contract is offered before or after a damage event) of the contract offered.

Additional Information

Publication

Other

Frimpong, E., Howard, G., & Kruse, J. (2022). Homeowner Preference for Household-level Flood Mitigation in US: Analysis of a Discrete Choice Experiment. Journal of Agricultural and Applied Economics, 54(2), 262-285. doi:10.1017/aae.2022.5

Language: English

Date: 2023

Subjects

buyout;choice experiment;flood insurance;flood risk and mitigation;home elevation;willingness to accept;D12;Q54;Q58

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