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Non-market valuation in the economic analysis of natural hazards

Fiona Gibson, David Pannell, Peter Boxall, Michael Burton, Robert Johnston, Marit Kragt, Abbie Rogers () and John Rolfe

No 236941, Working Papers from University of Western Australia, School of Agricultural and Resource Economics

Abstract: Natural hazards have a wide range of impacts, including on factors that are normally unpriced because they are not bought and sold in markets. Key examples include impacts on human health, the environment, ecosystem services and other outcomes relevant to social welfare. Economists seek to quantify these impacts in financial-equivalent terms in order to be able to compare them with market impacts and include them in Benefit: Cost Analysis (BCA) of policies and strategies to mitigate risks. Estimating these so-called non-market values can be difficult. This paper reviews the methods available for doing so, presents a comprehensive list of the non-market values that might be affected by natural hazards and reviews the existing literature that estimates non-market values relevant to natural hazards. We find that there are few applications specifically in a natural hazard context. We conclude with a discussion on the limitations of non-market valuation in the natural hazard context.

Keywords: Environmental; Economics; and; Policy (search for similar items in EconPapers)
Pages: 31
Date: 2016-05-31
New Economics Papers: this item is included in nep-env
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DOI: 10.22004/ag.econ.236941

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