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

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Author Info
Craig E. Landry
Paul Hindsley
Okmyung Bin
Jamie B. Kruse
John C. Whitehead
Kenneth R. Wilson

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Abstract

The city of New Orleans suffered extensive damage as a result of Hurricane Katrina. Katrina overwhelmed the natural and built environment, inundating the city. As rebuilding proceeds, decisions on investment in protective measures will include the choice of lines of defense and the storm severity that design criteria should meet. An exhaustive list of protective measures has been studied in planning documents such as the Louisiana Coastal Protection and Restoration Technical Report (2009), with public comment solicited in town hall meetings. In this study we employ a different approach to examine public sentiment towards the selection and investment in protective measures. Our study utilizes a stated choice experiment with a stratified sample to investigate individuals’ willingness-to-pay for rebuilding New Orleans’ 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 US citizens. Our results indicate that individuals are willing-to-pay for increased storm protection for New Orleans, but the allocation of these resources differs among residents of the New Orleans metro area and other US citizens. Key Words: storm surge mitigation, conjoint analysis, willingness to pay, Hurricane Katrina, flood control, stated choice, rebuilding New Orleans, recovery

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Paper provided by Department of Economics, Appalachian State University in its series Working Papers with number 09-18.

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Date of creation: 2009
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Handle: RePEc:apl:wpaper:09-18

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Find related papers by JEL classification:
H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
R53 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Public Facility Location Analysis; Public Investment and Capital Stock

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    Other versions:
  2. Peter Boxall & Wiktor Adamowicz, 2002. "Understanding Heterogeneous Preferences in Random Utility Models: A Latent Class Approach," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 23(4), pages 421-446, December. [Downloadable!] (restricted)
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    Other versions:
  4. Michael P. McGonagle & Stephen K. Swallow, 2005. "Open Space and Public Access: A Contingent Choice Application to Coastal Preservation," Land Economics, University of Wisconsin Press, vol. 81(4). [Downloadable!] (restricted)
  5. Howard Kunreuther & Mark Pauly, 2006. "Rules rather than discretion: Lessons from Hurricane Katrina," Journal of Risk and Uncertainty, Springer, vol. 33(1), pages 101-116, September. [Downloadable!] (restricted)
  6. Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-19, November. [Downloadable!] (restricted)
  7. Herriges, Joseph A & Phaneuf, Daniel J, 2002. " Inducing Patterns of Correlation and Substitution in Repeated Logit Models of Recreation Demand," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 84(4), pages 1076-90, November. [Downloadable!] (restricted)
  8. Howard Kunreuther & Mark Pauly, 2006. "Rules Rather Than Discretion: Lessons from Hurricane Katrina," NBER Working Papers 12503, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Carlsson, Fredrik & Frykblom, Peter & Johan Lagerkvist, Carl, 2005. "Using cheap talk as a test of validity in choice experiments," Economics Letters, Elsevier, vol. 89(2), pages 147-152, November. [Downloadable!] (restricted)
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  10. Ronald G. Cummings & Laura O. Taylor, 1999. "Unbiased Value Estimates for Environmental Goods: A Cheap Talk Design for the Contingent Valuation Method," American Economic Review, American Economic Association, vol. 89(3), pages 649-665, June. [Downloadable!] (restricted)
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