English, Article edition: AVERTING AND INSURANCE DECISIONS IN THE WILDLAND-URBAN INTERFACE: IMPLICATIONS OF SURVEY AND EXPERIMENTAL DATA FOR WILDFIRE RISK REDUCTION POLICY JOHN TALBERTH; ROBERT P. BERRENS; MICHAEL MCKEE; ...

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Bookmark: http://trove.nla.gov.au/version/184026
Physical Description
  • article
Language
  • English

Edition details

Title
  • AVERTING AND INSURANCE DECISIONS IN THE WILDLAND-URBAN INTERFACE: IMPLICATIONS OF SURVEY AND EXPERIMENTAL DATA FOR WILDFIRE RISK REDUCTION POLICY
Author
  • JOHN TALBERTH
  • ROBERT P. BERRENS
  • MICHAEL MCKEE
  • MICHAEL JONES
Physical Description
  • article
Notes
  • When confronted by catastrophic wildfire risk, homeowners simultaneously allocate resources between insurance and averting activities. Expected utility theory suggests that complete insurance coverage precludes investment in averting activities. However, when potential losses include a significant nonmarket component, optimal choice includes both. To investigate this issue, the authors analyze a unique combination of contingent valuation and experimental data. Both settings include a split-sample treatment to test the influence of wildfire risk zone information. The authors find that amenity values, subjective risk, averting efficacy perception, and demographic factors influence both willingness to pay and averting share and that risk information has the predicted ordering effect. (JEL "C9", "Q51", "Q54") Copyright 2006 Western Economic Association International.
  • RePEc:bla:coecpo:v:24:y:2006:i:2:p:203-223
Language
  • English
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