期刊
出版社
ASCE-AMER SOC CIVIL ENGINEERS
DOI: 10.1061/AJRUA6.0000887
关键词
Homeowner; Retrofit; Hurricane; Expected utility; Self-insurance; Market insurance
资金
- National Institute of Standards and Technology [60NANB10D016]
- U.S. Department of Commerce
- National Science Foundation [1433622]
- Div Of Civil, Mechanical, & Manufact Inn
- Directorate For Engineering [1434716] Funding Source: National Science Foundation
- Div Of Civil, Mechanical, & Manufact Inn
- Directorate For Engineering [1435298, 1433622] Funding Source: National Science Foundation
Insurance and retrofit are potentially effective but underutilized mechanisms to manage natural disaster risk (Mileti 1999). This project uses a North Carolina case study of residential buildings in North Carolina that includes a detailed, empirically based representation of the building inventory, risk, insurance, and retrofit strategies to examine voluntary choices between insuring, retrofitting, or doing nothing. Using an expected utility framework, changes in optimal choices in response to changes in retrofit cost, risk-based insurance premiums, and risk attitudes are investigated. Individual loss distribution functions that are specific to location and structural characteristics influence whether to optimally insure and/or retrofit or not. Findings include the conclusion that subsidizing retrofits has the potential to move the uninsured towards some form of risk reduction and is potentially cost effective. The analysis is novel in linking expected utilitymaximizing homeowner decisions regionally to detailed hurricane loss and retrofit modeling. (C) 2016 American Society of Civil Engineers.
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