EconPapers    
Economics at your fingertips  
 

Analyzing willingness to improve the resilience of New York City's transportation system

Chen Wang, Jiayi Sun, Roddy Russell and Ricardo A. Daziano

Transport Policy, 2018, vol. 69, issue C, 10-19

Abstract: Hurricane Sandy revealed the higher-risk vulnerability to natural hazards of civil infrastructure systems in coastal megacities such as New York. Traditional sources of funding for both recovering from disasters and preventing future damages are not only limited, but also do not account for benefit transfers of the externalities induced by the provision of resilient infrastructure. In principle, property owners should be willing to pay (WTP) an amount equal to the perceived benefit, if this positive externality is internalized by them following some pricing mechanism. In this paper, we analyze the willingness of residents to financially support improvements in the resilience to extreme events of the transportation system in New York City. Choice microdata was collected for over 1500 residents of the metropolitan NYC area. Several logit-type models were estimated and the preferred model was a discrete-continuous heterogeneity mixture that allows for the derivation of flexible distributions of willingness to pay. Using hypothetical scenarios of recovery, the annual willingness to pay for individuals who missed work ands self identify as politically liberal ranges from $120 to $775, whereas for those individuals that were not directly affected the range is $15-$50.

Keywords: Willingness to pay; Contingent valuation; Discrete choice experiment; Hurricane Sandy (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0967070X17308272
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:trapol:v:69:y:2018:i:c:p:10-19

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/supportfaq.cws_home/regional
https://shop.elsevie ... _01_ooc_1&version=01

Access Statistics for this article

Transport Policy is currently edited by Y. Hayashi

More articles in Transport Policy from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

 
Page updated 2018-11-10
Handle: RePEc:eee:trapol:v:69:y:2018:i:c:p:10-19