Comparing Benefit Estimation Techniques: Residential Flood Hazard Reduction Benefits in Roanoke, Virginia

Abstract : This report is a product of the U.S. Army Corps of Engineers' Risk Analysis for Water Resources Investments Research Program. The purpose of this research was to evaluate the differences and potential strengths and weaknesses of different methods for evaluating consumers' willingness to pay for a public good, i.e., a flood hazard reduction project. Three methods are compared and contrasted both collectively and against the theory of revealed consumer preference. These methods are the Property Damages Avoided (PDA) approach, Hedonic Price Method (Land Price Analysis), and the Contingent Value Method (CVM).

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