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

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  • Craig E. Landry

    ()
    (Department of Economics and Center for Natural Hazards Research, East Carolina University, Greenville, NC 27858, USA)

  • 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)

  • John C. Whitehead

    ()
    (Department of Economics, Appalachian State University, Boone, NC 28608, USA)

  • Ken Wilson

    ()
    (Department of Sociology, East Carolina University, Greenville, NC 27858, USA wilsonk@ecu.edu)

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.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 77 (2011)
Issue (Month): 4 (April)
Pages: 991-1013

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Handle: RePEc:sej:ancoec:v:77:4:y:2011:p:991-1013

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  1. Are the NOLA levees worth the cost?
    by John Whitehead in Environmental Economics on 2010-08-24 21:08:34
  2. Like a freshly cut lawn
    by John Whitehead in Environmental Economics on 2009-08-21 12:43:14
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Cited by:
  1. Kousky, Carolyn, 2012. "Informing Climate Adaptation: A Review of the Economic Costs of Natural Disasters, Their Determinants, and Risk Reduction Options," Discussion Papers dp-12-28, Resources For the Future.

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