Homeowner Preference for Household-level Flood Mitigation in US: Analysis of a Discrete Choice Experiment
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Date
2022-03-22
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Authors
Frimpong, Eugene
Howard, Gregory
Kruse, Jamie
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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.
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This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited.
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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
DOI
10.1017/aae.2022.5