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Risk Preferences and Flood Insurance

Author

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  • E. D. Attanasi
  • M. R. Karlinger

Abstract

A detailed theoretical model characterizing the individual's decision to purchase flood insurance is specified and the magnitude of the risk parameter is estimated using data based on transactions of flood insurance purchases. Empirical results for several samples of this subset of the general population indicated that consumers exhibited a relatively uniform degree of risk aversion across various localities where different hydrologic and economic conditions prevailed. While the estimates presented should not be directly extrapolated to the entire population located in a flood prone area, they provide evidence that parameters determining an individual's and/or community's willingness to pay for flood protection can be measured.

Suggested Citation

  • E. D. Attanasi & M. R. Karlinger, 1979. "Risk Preferences and Flood Insurance," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 61(3), pages 490-495.
    • Handle: RePEc:oup:ajagec:v:61:y:1979:i:3:p:490-495.
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    File URL: http://hdl.handle.net/10.2307/1239435
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    Cited by:

    1. Buccola, Steven T., 1982. "Portfolio Selection Under Exponential And Quadratic Utility," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(1), pages 1-10, July.
    2. Amanda Savitt, 2017. "Insurance as a tool for hazard risk management? An evaluation of the literature," 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. 86(2), pages 583-599, March.
    3. Erwann O. Michel-Kerjan, 2010. "Catastrophe Economics: The National Flood Insurance Program," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 165-186, Fall.

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