This paper investigates the costs and benefits of three ex ante flood management strategies -- risk-based insurance, zoning, and subsidized insurance -- in an urban economics framework that takes land scarcity into account. In a theoretical setting and in the absence of market failures, risk-based insurance perfectly internalizes flood risks and maximizes social welfare. However, risk-based insurance faces major technical, social, and political challenges...
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INFORMATION
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2019/09/13
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Document de travail de recherche sur les politiques
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WPS9012
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1
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1
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2019/09/13
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Disclosed
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Moral Hazard vs. Land Scarcity : Flood Management Policies for the Real World
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