This dissertation consists of three papers in environmental and natural resource economics. The first paper estimates the value of statistical lives (VSL) from hurricane evacuation behavior through an empirical analysis. I present empirical models that predict individuals' willingness to pay (WTP) for avoiding hurricane risks revealed through their evacuation behavior. Using survey data from Texas residents (who were affected by Hurricane Ike), I analyze the individuals’ hurricane evacuation decisions and their corresponding WTP for evacuation. I also estimate the individuals' WTP for avoiding hurricane risks under both voluntary and mandatory evacuation orders and calculate the associated VSL. The findings can be useful to emergency management agencies for evacuation planning.
In the second paper, I study market responses to multiple hurricanes based on evidence from real estate sales data. Unlike earlier studies that examined the effect of hurricane exposures on property value, the present study considers how multiple hurricane hits affect the home value. I use repeat sales data from three counties in Florida from 2000 to 2010 and develop a hedonic price model. The findings identify the determinants that influence the property value and provide valuable insights for homebuyers and sellers. The study also provides useful insights regarding the benefits of hurricane mitigations to Florida residents and beyond.
The third paper investigates the time preference and the dynamics of evacuation behavior based on evidence from Hurricane Ike and Hurricane Sandy. This paper contributes to the literature on households’ evacuation timing decisions by investigating the factors influencing people’s time preference for evacuation behavior. Unlike other studies, I examine the residents’ evacuation behavior across the Gulf coast as well as the Northeast and Mid-Atlantic coasts from a comparative perspective. I use one survey dataset from Texas residents who experienced Hurricane Ike and another survey dataset from the Northeastern and Mid-Atlantic US states that were affected by Hurricane Sandy. The results provide insights for future hurricane evacuation planning and emergency management.
