Some new approaches to measuring willingness to pay: a case study of flood risk reduction in Roanoke, Virginia

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dc.contributor.authorDietz, Brian C.en
dc.contributor.committeechairDriscoll, Paul J.en
dc.contributor.committeememberShabman, Leonard A.en
dc.contributor.committeememberNorton, George W.en
dc.contributor.departmentAgricultural Economicsen
dc.coverage.cityRoanokeen
dc.coverage.stateVirginiaen
dc.date.accessioned2014-03-14T20:50:43Zen
dc.date.adate2009-12-23en
dc.date.available2014-03-14T20:50:43Zen
dc.date.issued1992-07-14en
dc.date.rdate2010-03-09en
dc.date.sdate2009-12-23en
dc.description.abstractBenefits from a flood control project that accrue to a landowner are defined as the amount the landowner is willing to pay for the reduction in flood risk. The primary method utilized by the U.S. Army Corps of Engineers to estimate a residential landowner's benefits is the property damages avoided method. Only under a set of restrictive assumptions will this method accurately estimate landowner willingness to pay. Therefore, several alternative techniques, such as the hedonic price method, are approved for use by the Corps but it is not known how they compare. The purpose of this study is to examine the benefit measures from the property damages avoided and hedonic price methods and two new measures, restricted willingness to pay (RWTP) and restricted willingness to accept (RWTA). The measures RWTP and RWTA are biased estimates of willingness to pay (WTP) and willingness to accept (WTA) where the direction of the bias is known. In addition, the methods that calculate these measures, the RWTP and RWTA methods, do not require data on income or an aggregator for the prices of all goods not in the analysis. Benefit estimates from the hedonic price and RWTP methods provide upper and lower bounds on WTP for non-marginal reductions in flood risk and converge for marginal reductions.en
dc.description.degreeMaster of Scienceen
dc.format.extentx, 105 leavesen
dc.format.mediumBTDen
dc.format.mimetypeapplication/pdfen
dc.identifier.otheretd-12232009-020407en
dc.identifier.sourceurlhttp://scholar.lib.vt.edu/theses/available/etd-12232009-020407/en
dc.identifier.urihttp://hdl.handle.net/10919/36424en
dc.language.isoenen
dc.publisherVirginia Techen
dc.relation.haspartLD5655.V855_1992.D548.pdfen
dc.relation.isformatofOCLC# 27691083en
dc.rightsIn Copyrighten
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subject.lccLD5655.V855 1992.D548en
dc.subject.lcshFlood control -- Virginia -- Roanoke -- Costsen
dc.subject.lcshFloodplain management -- Virginia -- Roanokeen
dc.subject.lcshFloods -- Virginia -- Roanokeen
dc.titleSome new approaches to measuring willingness to pay: a case study of flood risk reduction in Roanoke, Virginiaen
dc.typeThesisen
dc.type.dcmitypeTexten
thesis.degree.disciplineAgricultural Economicsen
thesis.degree.grantorVirginia Polytechnic Institute and State Universityen
thesis.degree.levelmastersen
thesis.degree.nameMaster of Scienceen

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