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Title:Homeowner willingness to pay for a pre-flood buyout agreement
Author(s):Reeser, Collin M
Advisor(s):Ando, Amy
Department / Program:Agr & Consumer Economics
Discipline:Agricultural & Applied Econ
Degree Granting Institution:University of Illinois at Urbana-Champaign
Degree:M.S.
Genre:Thesis
Subject(s):Flood Insurance
Climate Change
Flood Policy
Flood Risk
Buyout
Abstract:Flood events are expected to increase in frequency and severity as climate change raises sea levels and intensifies regional precipitation events. The only permanent means of removing high risk homes from flood prone areas is through homeowner buyout programs. Using an online contingent valuation survey we evaluate homeowner willingness to pay for a pre-flood buyout agreement where the owner is paid pre-flood market value for their home and must relocate following a flood damaging greater than 50% of the value of their home. Additionally, we estimate homeowners' willingness to sign up for a pre-flood buyout agreement coupled with flood insurance. We find self-reported flood risk estimates, income, the expectation of neighbors also signing up for the buyout, environmental concerns, and flood experience all significantly affect homeowners' willingness to pay for the program. When coupled with flood insurance we find self-reported flood risk estimates, income, neighborhood tenure, environmental concerns, and flood experience all significantly affect homeowners’ willingness to sign up.
Issue Date:2016-07-22
Type:Thesis
URI:http://hdl.handle.net/2142/92652
Rights Information:Copyright 2016 Collin Reeser
Date Available in IDEALS:2016-11-10
Date Deposited:2016-08


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