Non-market values in the economic analyses of bushfire mitigation
Atakelty Hailu and
No 241265, Working Papers from University of Western Australia, School of Agricultural and Resource Economics
Economic analysis of bushfire mitigation options requires a range of information, such as the risk of bushfire, effectiveness of mitigation in reducing damage as well as cost and benefit estimates. Intangible or non-market benefits are likely to be a significant component of the latter as mitigation activities are designed to protect environmental, social and economic assets and services. Yet it is not clear whether these types of benefits have been given much consideration in economic analyses. In this paper, we review the studies that estimate the value of non-market benefits from bushfire mitigation and investigate to what extent non-market values have been incorporated in economic analysis. We find a small proportion of non-market valuation studies within the bushfire mitigation literature. About half of the studies on bushfire mitigation included non-market values but the values included were predominately environmental. We provide some possible explanations as to why non-market values are not used in economic analyses more widely and make recommendations to improve future use.
Keywords: Land; Economics/Use (search for similar items in EconPapers)
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