1. Catastrophe-Induced Destruction and Reconstruction.
- Author
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De Silva, Dakshina G., Kruse, Jamie B., and Yongsheng Wang
- Subjects
TORNADOES ,NATURAL disasters ,COHORT analysis ,MARKET value - Abstract
This study examines the destruction caused by the May 3, 1999 Oklahoma City tornado and the rebuilding process using panel data techniques. The results indicate that, within 3 years, the average property value of the damaged cohort exceeded the undamaged group. We use a unique data set that includes individual Fujita-scale damage assessments from Texas Tech University in conjunction with estimates of market value provided by the Oklahoma County Tax Assessor. We estimate the relationship between the Fujita-scale damage assessment and the monetary loss in market value. Our results suggest that the greatest opportunity to reduce monetary losses from tornado damage is for low-intensity tornadoes. Further, at damage ratings of F1 and higher, research should be directed toward life safety measures. [ABSTRACT FROM AUTHOR]
- Published
- 2006
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