TY - JOUR
T1 - What is the Economics of Wind Hazard Mitigation?
AU - Scott, Pataya
AU - Liang, Daan
N1 - Publisher Copyright:
© 2016 by De Gruyter.
PY - 2016/6/1
Y1 - 2016/6/1
N2 - Tornadoes, hurricanes, and other extreme winds cause deaths, injuries, and millions, if not billions, of dollars in damages every year in the United States. Mitigation is necessary to reduce the loss of life, anxiety and suffering, and economic losses. But how much are people willing to invest in their peace of mind? Policy makers typically use the range of $1 million to $10 million per life saved to determine whether a policy that would save lives should be implemented. Individuals have shown that they are willing to pay more for homes with upgrades for mitigation and safety even though they would have no insurance incentive and it is likely that the added cost only affords them peace of mind.
AB - Tornadoes, hurricanes, and other extreme winds cause deaths, injuries, and millions, if not billions, of dollars in damages every year in the United States. Mitigation is necessary to reduce the loss of life, anxiety and suffering, and economic losses. But how much are people willing to invest in their peace of mind? Policy makers typically use the range of $1 million to $10 million per life saved to determine whether a policy that would save lives should be implemented. Individuals have shown that they are willing to pay more for homes with upgrades for mitigation and safety even though they would have no insurance incentive and it is likely that the added cost only affords them peace of mind.
KW - extreme winds
KW - hurricane
KW - peace of mind
KW - storm shelter
KW - tornado
UR - http://www.scopus.com/inward/record.url?scp=84959179439&partnerID=8YFLogxK
U2 - 10.1515/jbvela-2015-0012
DO - 10.1515/jbvela-2015-0012
M3 - Article
AN - SCOPUS:84959179439
VL - 11
SP - 25
EP - 29
JO - Journal of Business Valuation and Economic Loss Analysis
JF - Journal of Business Valuation and Economic Loss Analysis
SN - 1932-9156
IS - 1
ER -