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- Info
Theoretical validity of contingent values for protection from wildland fire
| Author: |
Winter, G.J.; Fried, J.S. |
| Date: |
[N.d.] |
| Periodical: |
Note: submitted to Land Economics on October 16, 1997; February 16, 1998; and May 29, 1998. 42 p. |
| Abstract: |
The value of fire protection at the wildland-urban interface was assessed for residents of a Michigan jack pine forest. Willingness to pay for collective risk reduction was consistent with a two-stage decision model: (1) participation in the hypothetical market for risk reduction, and (2) how much is the risk reduction worth. Homeowner risk perception and objectively assessed risk both influenced the probability of market participation, suggesting a Bayesian updating response to new information. For market participants, willingness to pay was related to property value and household income, suggesting that value at risk and ability to pay weigh heavily in this decision. |
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