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Is coastal climate adaptation infrastructure worth public investment? Evidence from stated preference economic
1Department of Geography and Sustainable Development, University of Miami, Suite 115J, 1300 Campo Sano Ave, Coral Gables, FL, 33146, USA.
Abstract:
Public preferences for climate adaptation infrastructure have been increasingly studied worldwide due to climate change and sea-level rise, especially in coastal regions. In this study, we conduct a discrete choice experiment among South Florida residents to elicit their willingness to pay (WTP) for climate adaptation projects that incorporate both green and grey infrastructure along the coastline. By combining engineering cost estimates for these projects with the aggregate WTP from residents, we further perform a comprehensive cost-benefit analysis. Our findings reveal a strong preference for green infrastructure over grey infrastructure among residents. Certain respondent characteristics account for the differences in WTP for climate adaptation projects. Our cost-benefit analysis shows that all coastal climate adaptation projects examined in this study are worthy of public investment. However, projects focusing on green infrastructure offer a benefit-cost ratio more than double that of grey infrastructure. As the lifespan of the project increases, so does the benefit-cost ratio that these projects can generate. Overall, our results provide valuable policy insights for coastal protection strategies and planning.
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