Assessing Household’s Benefit from Flood Risk Reduction in Lower Chao Phraya River Basin

Authors

  • Penporn Janekarnkij Faculty of Economics, Kasetsart University, Bangkok, Thailand, 10900
  • Santi Sanglestsawai Faculty of Economics, Kasetsart University, Bangkok, Thailand, 10900
  • Kampanat Vijitsrikamol Faculty of Economics, Kasetsart University, Bangkok, Thailand, 10900
  • Suwanna Sayrumyat Faculty of Economics, Kasetsart University, Bangkok, Thailand, 10900
  • Akarapong Untong Public Policy Studies Institute, Chiang Mai University, Chiang Mai, Thailand, 50300

Keywords:

economic benefit, flood risk, contingent valuation method, willingness to pay

Abstract

This paper explores economic benefit for flood risk reduction of residents living in the core economic zones of lower Chao Phraya River Basin, Thailand. Under the action plan of integrated and sustainable flood mitigation in Chao Phraya River Basin, 4.29 million households would become beneficiaries. Using contingent valuation method (CVM), the
potential benefit of flood risk reduction from this action plan is approximately THB 8.82 billion per year with an average willingness to pay (WTP) of THB 2,056 per household annually. The estimated benefit accrued to household residents in the study area is only part of the total potential benefits, if the plan were enacted. The finding reveals that household’s income, flood risk reduction, and program acceptance are significant determinants to increase WTP. Beneficiary pay mechanism such as flood protection fee or tax incorporating different income or different flood risk exposure on property should be considered in the flood management policy. This requires further studies on supporting regulations and laws.

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How to Cite

Janekarnkij, P., Sanglestsawai, S., Vijitsrikamol, K., Sayrumyat, S., & Untong, A. (2016). Assessing Household’s Benefit from Flood Risk Reduction in Lower Chao Phraya River Basin. Applied Economics Journal, 22(1), 1–25. Retrieved from https://so01.tci-thaijo.org/index.php/AEJ/article/view/57250

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Research Articles

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