2019
DOI: 10.1007/s11069-019-03761-7
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Valuing non-market economic impacts from natural hazards

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 s… Show more

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Cited by 20 publications
(7 citation statements)
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References 157 publications
(177 reference statements)
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“…Long-term indirect effects include decreased productivity and consumption (Cavallo & Noy, 2011). In addition, the literature separates direct market loss (damages to those goods whose price can be ascertained in the market) (Sangha et al, 2020) and non-market loss (like loss of life and destruction of protected sites, among others) (Rogers et al, 2019). Several years of slower economic development are among the long-term consequences of ND (Botzen et al, 2019;Sanchaniya & Geipele, 2021).…”
Section: Impact Of Disastermentioning
confidence: 99%
“…Long-term indirect effects include decreased productivity and consumption (Cavallo & Noy, 2011). In addition, the literature separates direct market loss (damages to those goods whose price can be ascertained in the market) (Sangha et al, 2020) and non-market loss (like loss of life and destruction of protected sites, among others) (Rogers et al, 2019). Several years of slower economic development are among the long-term consequences of ND (Botzen et al, 2019;Sanchaniya & Geipele, 2021).…”
Section: Impact Of Disastermentioning
confidence: 99%
“…Intangible costs can be calculated using valuation methods such as revealed preference and hedonic pricing (Meyer et al 2013). There is a rich literature from health and environmental economics on valuing intangible costs such as lost life (Kip and Aldy 2003;Rogers et al 2019;Timothy and McConnel 2002). Using multiple decision criteria or non-monetary metrics can also facilitate decision-making without the need to place a dollar value on difficult-to-estimate costs, such as morbidity and mortality.…”
Section: Consequencesmentioning
confidence: 99%
“…Figure 2. Annual occurrence frequency by census tract for select natural hazardsData from National Risk Index(Rogers et al 2019). …”
mentioning
confidence: 99%
“…Use‐values arise from direct (e.g., fishing) or indirect (e.g., landscape values) utilization of ecosystem services. Non‐use values encompass existence values, altruistic values for current and future generations and option values for later use of river ecosystem services (Rogers et al, 2019). Use‐values can be economically valued through e.g., property market values (e.g., Lewis et al, 2008; Provencher et al, 2008) and outdoor recreation values (e.g.…”
Section: Ecological Context—externalities Of Hydropowermentioning
confidence: 99%