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Market Value of Mitigation and Perceived Risk: Empirical Results

Author

Listed:
  • Kevin M. Simmons

    (Oklahoma City University)

  • Jamie Brown Kruse

    (Texas Tech University)

Abstract

This paper explores the value of windstorm mitigation in a Gulf Coast city. Policymakers have long assumed that agents will not voluntarily mitigate for a natural disaster. Consequently, policy has focused on coercive measures. Data for the study contains detailed information on the inclusion of storm-blinds, a specific hurricane mitigation feature. Results indicate that homes with storm- blinds command a premium compared to homes without this feature, thereby questioning the assumption held by policymakers. This result, however, is limited to homes located on the island portion of the community indicating that agents differentiate the risk from one area to another.

Suggested Citation

  • Kevin M. Simmons & Jamie Brown Kruse, 2000. "Market Value of Mitigation and Perceived Risk: Empirical Results," Journal of Economic Insight, Missouri Valley Economic Association, vol. 26(1), pages 41-51.
    • Handle: RePEc:mve:journl:v:26:y:2000:i:1:p:41-51
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    Citations

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    Cited by:

    1. Suryanto & Mudrajad Kuncoro & Junun Sartohadi, 2012. "Physical characteristics and disaster risk perception correlation at Bantul regency," Economic Journal of Emerging Markets, Universitas Islam Indonesia, vol. 4(1), pages 76-86, April.
    2. Jiazhen Peng & Xiaojun Shan & Yang Gao & Yohannes Kesete & Rachel Davidson & Linda Nozick & Jamie Kruse, 2014. "Modeling the integrated roles of insurance and retrofit in managing natural disaster risk: a multi-stakeholder perspective," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 74(2), pages 1043-1068, November.
    3. repec:gii:giihei:ciesrp:cies_rp_27 is not listed on IDEAS
    4. John Talberth & Robert P. Berrens & Michael Mckee & Michael Jones, 2006. "Averting And Insurance Decisions In The Wildland–Urban Interface: Implications Of Survey And Experimental Data For Wildfire Risk Reduction Policy," Contemporary Economic Policy, Western Economic Association International, vol. 24(2), pages 203-223, April.
    5. Kevin M. Simmons & Jeffrey Czajkowski & James M. Done, 2019. "Building code economic performance under variable wind risk," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 24(2), pages 235-258, February.
    6. Bradley Ewing & Jamie Kruse & Yongsheng Wang, 2007. "Local housing price index analysis in wind-disaster-prone areas," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 40(2), pages 463-483, February.
    7. Kevin M. Simmons & Jamie Brown Kruse & Douglas A. Smith, 2002. "Valuing Mitigation: Real Estate Market Response to Hurricane Loss Reduction Measures," Southern Economic Journal, John Wiley & Sons, vol. 68(3), pages 660-671, January.
    8. Dakshina Silva & Jamie Kruse & Yongsheng Wang, 2008. "Spatial dependencies in wind-related housing damage," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 47(3), pages 317-330, December.
    9. Chiara Ravetti & Yana Popp Jin & Mu Quan & Zhang Shiqiu & Timothy Swanson, 2014. "Air pollution in Urban Beijing: The role of Government-controlled information," CIES Research Paper series 27-2014, Centre for International Environmental Studies, The Graduate Institute.
    10. Matthew R. Auer, 2024. "Wildfire risk and insurance: research directions for policy scientists," Policy Sciences, Springer;Society of Policy Sciences, vol. 57(2), pages 459-484, June.

    More about this item

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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