By James P. Howard II
This short provides a benefit-cost research of the nationwide Flood assurance application (NFIP) in addition to an evaluate of its cumulative socioeconomic results. Created by way of Congress in 1968, the NFIP presents flood coverage defense to homeowners, in go back for neighborhood govt dedication to sound floodplain administration. considering 1994, the NFIP has integrated a Flood Mitigation tips (FMA) software to supply neighborhood groups with help for flood mitigation. This ebook deals quantitative proof of the internet social good thing about the NFIP for the years 1996-2010, together with an self sustaining review of the patron profit. moment, it presents distributionally weighted research to teach the socioeconomic results of funds and claims. eventually, this short comprises an research of the switch in govt profit because of the NFIP and FMA courses. The versions utilized in each one element of the research are usable through others for extending and revising the research. supplying a entire research of this more and more very important federal coverage, this short should be of use to scholars of environmental economics and public coverage in addition to these attracted to possibility administration within the period of weather switch.
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This short provides a benefit-cost research of the nationwide Flood assurance application (NFIP) in addition to an assessment of its cumulative socioeconomic results. Created by way of Congress in 1968, the NFIP presents flood assurance security to homeowners, in go back for neighborhood govt dedication to sound floodplain administration.
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Extra resources for Socioeconomic Effects of the National Flood Insurance Program
Administering the NFIP is assumed not to be a profit-making activity on the part of insurance companies and is assumed to be a pure economic cost to producers and is simply paid for by the government. So the amount of the WYO fees is subtracted back out. The base case estimate for the change in producer surplus is then zero, although the sensitivity of the results to the assumption will be investigated. 4 P0 D 0 Change in Government Surplus: 0 D 0. 9) G The government surplus measures the benefits and costs due to the government as part of a policy change.
Using the definition supplied in Eq. 1), the change in the social surplus, represented by S, is SD C C P C G C E. 2) From Eq. 2), it is possible to find the change in the NSB attributable to the NFIP versus an alternative where the NFIP does not exist. 2 Change in Consumer Surplus: C The consumer surplus measures the net benefit due to consumers from acquiring goods and services in the market. In general, the consumer surplus represents the net amount that consumers are willing to pay for a given good or service minus the actual price paid (Frank 2006, 160–162).
The economic and social effects measured allow a BCA to synthesize direct transfers, economic gains and losses caused by a program, and the value of social objectives which may be inherent in a program. 2 Benefit–Cost Analysis Literature 19 The consumer surplus is a key concept in benefit–cost analysis as it seeks to measure how much individuals value goods or services. However, it can be difficult to estimate the consumer surplus for the NFIP because there is no functioning private market for flood insurance and many NFIP participants are not voluntary.