Preevent Preparation: Coefficients (1) | Window Protection: Estimated Parameters (2) | Other Risk Reduction: Estimated Parameters (3) | |
---|---|---|---|

Preparation outcome variable | |||

Flood insurance | 0.276^{***} | 0.135^{***} | 0.119^{***} |

Experienced damage | 0.314^{***} | 0.0415 | 0.111^{***} |

Safety | −0.001 | 0.0003 | 0.000 |

Hundred year floodplain | 0.055 | 0.036 | −0.039 |

Distance to coast | −0.0145 | −0.023^{**} | −0.007 |

$0 to $500 deductible | 0.072 | 0.016 | 0.026 |

$501 to $1,000 deductible | −0.037 | −0.017 | 0.029 |

$1,001 to $2,500 deductible | 0.106 | 0.046 | 0.063 |

> $2,500 deductible | 0.326^{**} | 0.107^{*} | 0.087^{*} |

Hurricane Irene | 0.019 | 0.123^{***} | −0.034 |

Hurricane Isaac | 0.252^{**} | 0.326^{***} | 0.046 |

Constant | 3.055^{***} | −1.105^{***} | −1.125^{***} |

Selection stage | |||

Flood insurance | 0.245^{*} | ||

Experienced damage | 0.048 | ||

Safety | −0.002 | ||

Hurricane Irene | −0.148 | ||

Hurricane Isaac | 0.183 | ||

Known deductible | −0.002 | ||

Constant | 1.769^{***} | ||

Inverse Mills ratio (λ) | −1.152^{***} | ||

N | 1,369 | 1,369 | 1,369 |

Censored observations | 66 | ||

Log likelihood | −2,395.45 | −769.14 | −686.27 |

Wald/likelihood ratio χ^{2} (prob > χ^{2}) | 76.44^{***} [0.00] | 180.97^{***} [0.00] | 87.19^{***} [0.00] |

AIC | 4,832.90 | 1,562.28 | 1,396.55 |

*Note:*(1) are the Heckman sample selection model results, (2) and (3) are probit models; each model was estimated via maximum likelihood. For Models (2) and (3) the values for the constant are not the marginal effect, but the coefficient estimate from the probit model. Numbers in square brackets are*p*-values. AIC, Akaike information criterion. “Don’t know” responses were excluded for window protection and other risk reduction as dependent variables. Regressions with the “don’t know” responses included were also estimated, and results do not differ materially from those presented here.↵*, **, *** Statistical significance at the 10%, 5%, and 1% levels, respectively.