Household Preferences for Managing Coastal Vulnerability: State vs. Federal Adaptation Fund

Tanvir Pavel () and Pallab Mozumder ()
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Tanvir Pavel: Florida International University
Pallab Mozumder: Florida International University

Economics of Disasters and Climate Change, 2019, vol. 3, issue 3, No 5, 304 pages

Abstract: Abstract People living in the coastal areas are highly vulnerable to the extreme weather events and climatic shocks. In this paper, we analyze households’ willingness to pay (WTP) for public adaptation funds to support proactive measures that would potentially minimize the extent of coastal vulnerability. Using split-sample dichotomous choice contingent valuation (CV) method, we investigate households’ preference for a state adaptation fund (SAF) versus a federal adaptation fund (FAF), lasting for either 5 or 10 years. We analyze more than 1200 randomly selected household responses from the counties of 10 Northeastern and Mid-Atlantic States that were adversely affected by a major hurricane (Sandy). From the annual estimates of median WTP, we observe that the households are willing to pay more for SAF ($68.37) than FAF ($27.35). The findings can provide inputs for policy evaluation to minimize coastal vulnerability, particularly to decide whether similar projects should be managed at the state or federal levels.

Keywords: State adaptation fund (SAF); Federal Adaptation Fund (FAF); Willingness to pay (WTP); Natural disasters; Hurricane Sandy; Q51; Q54 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s41885-019-00046-y

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