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Weathering the Storm: Measuring Household Willingness-to-Pay for Risk-Reduction in Post-Katrina New Orleans

Craig Landry (), Paul Hindsley (), Okmyung Bin (), Jamie B. Kruse (), John Whitehead () and Ken Wilson ()
Additional contact information
Paul Hindsley: Department of Environmental Studies, Eckerd College, St. Petersburg, FL 33711, USA
Okmyung Bin: Department of Economics, East Carolina University, Greenville, NC 27858, USA
Jamie B. Kruse: Department of Economics and Center for Natural Hazards Research, East Carolina University, Greenville, NC 27858, USA
Ken Wilson: Department of Sociology, East Carolina University, Greenville, NC 27858, USA wilsonk@ecu.edu

Southern Economic Journal, 2011, vol. 77, issue 4, 991-1013

Abstract: The city of New Orleans suffered extensive damage as a result of Hurricane Katrina. Rebuilding involves decisions on investment in protective measures. An exhaustive list of protective measures has been studied in planning documents, with public comment solicited in town hall meetings. In this study we employ a different approach to examine public sentiment toward the selection and investment in protective measures. Our study uses a stated preference choice experiment with a stratified sample to investigate individuals' willingness-to-pay for rebuilding New Orleans's man-made storm defenses, restoring natural storm protection, and improving evacuation options through a modernized transportation system. We target residents of the New Orleans metropolitan area as well as other U.S. citizens. Our results indicate that individuals are willing to pay for increased storm protection for New Orleans, but values differ among residents of the New Orleans metropolitan area and other U.S. citizens.

JEL-codes: H43 Q51 R53 (search for similar items in EconPapers)
Date: 2011
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http://dx.doi.org/10.4284/0038-4038-77.4.991

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Working Paper: Weathering the Storm: Measuring Household Willingness-to-Pay for Risk-Reduction in Post-Katrina New Orleans (2009) Downloads
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