What is the Economics of Wind Hazard Mitigation?

Scott Pataya and Liang Daan
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Scott Pataya: National Wind Institute, Texas Tech University, Lubbock, Texas, USA
Liang Daan: National Wind Institute, Texas Tech University, Lubbock, Texas, USA

Journal of Business Valuation and Economic Loss Analysis, 2016, vol. 11, issue 1, 25-29

Abstract: Tornadoes, hurricanes, and other extreme winds cause deaths, injuries, and millions, if not billions, of dollars in damages every year in the United States. Mitigation is necessary to reduce the loss of life, anxiety and suffering, and economic losses. But how much are people willing to invest in their peace of mind? Policy makers typically use the range of $1 million to $10 million per life saved to determine whether a policy that would save lives should be implemented. Individuals have shown that they are willing to pay more for homes with upgrades for mitigation and safety even though they would have no insurance incentive and it is likely that the added cost only affords them peace of mind.

Keywords: tornado; hurricane; extreme winds; peace of mind; storm shelter (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1515/jbvela-2015-0012

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