RT Journal Article
SR Electronic
T1 Protecting Against Flood Impacts
JF Land Economics
JO Land Econ
FD University of Wisconsin Press
SP 111324-0107R
DO 10.3368/le.102.1.111324-0107R
A1 Price, James I.
A1 Dupont, Diane P.
A1 Adamowicz, Wiktor L.
A1 Lloyd-Smith, Patrick R.
YR 2025
UL http://le.uwpress.org/content/early/2025/07/22/le.102.1.111324-0107R.abstract
AB As the threat of flooding intensifies, the need for policies that align with household preferences for addressing flood risk becomes increasingly important. We conducted a discrete choice experiment to elicit homeowner preferences for purchasing overland flood insurance and/or making risk-reducing home improvements. Results from a latent class logit model indicate the presence of four preference classes, characterized by their preferred response to flood risk: insurance, home improvements, insurance and home improvements, and neither insurance nor home improvements. We subsequently evaluate household responses to insurance and home-improvement subsidies, offering insights into the effectiveness of incentives for encouraging protective actions against flooding.