ABSTRACT:The addition of flood proofing to other (structural and non‐structural) flood damage reduction measures broadens the choice among existing alternatives for decision makers and consequently enables the possibility of improved expected net benefits from an overall flood damage reduction scheme. Planners are interested in more than just expected values of net benefits, however. The inherent riskiness of various alternative plans must be considered as well. Therefore, a partial equilibrium framework is specified for purposes of estimating means and variances of a measure of net benefits from flood proofing. The model is applied to selected communities in the Connecticut River Basin and sample computer results are provide
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