Introduction of a tradeable flood mitigation permit system

This article introduces a tradeable permit system concerning flood mitigation. The proposed economic instrument aims at encouraging collaboration between upstream and downstream zones and that between public and private sectors on flood management. It can also serve as a channel for burden-sharing among flood management, spatial planning and conservation easement in terms of both finance and strategies. The existing research and applications on tradeable permits for environmental management, together with principles of flood management, lay the groundwork for developing the tradeable flood mitigation permit (TFMP) system.