Valuing non-market economic impacts from natural hazards
Abbie A. Rogers (),
Fiona L. Dempster,
Jacob I. Hawkins,
Robert Johnston (),
Michael P. Burton and
David Pannell ()
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Abbie A. Rogers: The University of Western Australia
Fiona L. Dempster: The University of Western Australia
Jacob I. Hawkins: The University of Western Australia
John Rolfe: Central Queensland University
Michael P. Burton: The University of Western Australia
Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, 2019, vol. 99, issue 2, No 27, 1161 pages
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.
Keywords: Non-market values; Intangible values; Willingness to pay; Natural hazard mitigation; Prioritising investments (search for similar items in EconPapers)
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