Studies Conducted at Reed College on Land Economics Recently Reported (The Willingness To Pay for Flood Insurance): Economics – Land Economics

2021 NOV 18 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Current study results on Economics - Land Economics have been published. According to news reporting out of Portland, Oregon, by NewsRx editors, research stated, “Flooding is the natural disaster that causes the most damage. Postflood, many families are not insured and do not have sufficient savings for rebuilding, and governmental aid can be limited.”

Financial supporters for this research include Bernard Goldhammer Grant for Research on Economics and Natural Resources, Reed College, Stendal Fund for Economics, Reed College, Miller and Mintz Funds for Economics, Reed College, Travelers-Whar-ton Risk Management and Leadership Project, Wharton Risk Management and Decision Processes Center.

Our news journalists obtained a quote from the research from Reed College, “We undertake, using a stated preference survey, the first willingness-to-pay (WTP) elicitation for flood insurance in the United States. WTP increases with modeled flood risk and flood-risk perceptions.”

According to the news editors, the research concluded: “WTP for residents in our study area’s 100 year floodplain is 47% to 59% of the median flood insurance premium, which suggests the need for financial assistance for families who are at risk of flood damage and are unable to afford risk-based premiums.”

This research has been peer-reviewed.

For more information on this research see: The Willingness To Pay for Flood Insurance. Land Economics, 2021;97(1):17-38. Land Economics can be contacted at: Univ Wisconsin Press, Journal Division, 1930 Monroe St, 3RD Fl, Madison, WI 53711, USA.

Our news journalists report that additional information may be obtained by contacting Noelwah R. Netusil, Reed College, Econ, Dept. of Economics, Portland, OR 97202, United States. Additional authors for this research include Carolyn Kousky, Howard Kunreuter, Shulav Neupane and Will Daniel.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.3368/wple.97.1.17. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

(Our reports deliver fact-based news of research and discoveries from around the world.)