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- Title
WILLINGNESS TO PAY FOR HURRICANE EVACUATION COST INSURANCE.
- Authors
Whitehead, John C.
- Abstract
We estimate the willingness to pay for hurricane evacuation insurance with the contingent valuation method. Household hurricane evacuation cost insurance is a new product for which there is currently no market. We find that a majority of respondents would not purchase the product at even the lowest price. We find evidence that respondents are rational in response to evacuation probabilities and costs. In some specifications willingness to pay for insurance increases with evacuation probability, other risk factors and costs.
- Subjects
WILLINGNESS to pay; NATURAL disasters; HURRICANE damage; INSURANCE claims; PROPERTY insurance claims; EFFECT of natural disasters on buildings
- Publication
Southern Business & Economic Journal, 2008, Vol 31, Issue 3/4, p73
- ISSN
0743-779X
- Publication type
Article