University of Illinois Urbana-Champaign

Homeowner willingness to pay for a pre-flood buyout agreement

Reeser, Collin M.

Content Files
REESER-THESIS-2016.pdf

Permalink

https://hdl.handle.net/2142/92652

Description

Title
Homeowner willingness to pay for a pre-flood buyout agreement
Author(s)
Reeser, Collin M.
Issue Date
2016-07-22
Director of Research (if dissertation) or Advisor (if thesis)
Ando, Amy
Department of Study
Agr & Consumer Economics
Discipline
Agricultural & Applied Econ
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
M.S.
Degree Level
Thesis
Date of Ingest
2016-11-10T17:49:03Z
Keyword(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.
Graduation Semester
2016-08
Type of Resource
text
Permalink
http://hdl.handle.net/2142/92652
Copyright and License Information
Copyright 2016 Collin M. Reeser

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