Economics
Document Type
Article
Abstract
Prioritising investments to minimise or mitigate natural hazards such as wildfires and storms is of increasing importance to hazard managers. Prioritisation of this type can be strengthened by considering benefit and cost impacts. To evaluate benefits and costs, managers require an understanding of both the tangible economic benefits and costs of mitigation decisions, and the often intangible values associated with environmental, social and health-related outcomes. We review the state of non-market valuation studies that provide monetary equivalent estimates for the intangible benefits and costs that can be affected by natural hazard events or their mitigation. We discuss whether managers can usefully call upon these available estimates, with a view to using the benefit transfer approach to include non-market values in economic decision frameworks. Additional context-specific non-market valuation studies are required to provide a more accurate selection of value estimates for natural hazard decision making. Decision making would benefit from considering these values explicitly in prioritising natural hazard investments.
Publication Title
Natural Hazards
Publication Date
11-2019
Volume
99
Issue
2
First Page
1131
Last Page
1161
ISSN
0921-030X
DOI
10.1007/s11069-019-03761-7
Keywords
intangible values, natural hazard mitigation, non-market values, prioritizing investments, willingness to pay
Repository Citation
Rogers, Abbie A.; Dempster, Fiona L.; Hawkins, Jacob I.; Johnston, Robert J.; Boxall, Peter C.; Rolfe, John; Kragt, Marit E.; Burton, Michael P.; and Pannell, David J., "Valuing non-market economic impacts from natural hazards" (2019). Economics. 153.
https://commons.clarku.edu/faculty_economics/153
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Copyright Conditions
Rogers, A. A., Dempster, F. L., Hawkins, J. I., Johnston, R. J., Boxall, P. C., Rolfe, J., ... & Pannell, D. J. (2019). Valuing non-market economic impacts from natural hazards
