Valuing non-market economic impacts from natural hazards

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...

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Bibliographic Details
Published in:Natural hazards (Dordrecht) 2019-11, Vol.99 (2), p.1131-1161
Main Authors: Rogers, Abbie A., Dempster, Fiona L., Hawkins, Jacob I., Johnston, Robert J., Boxall, Peter C., Rolfe, John, Kragt, Marit E., Burton, Michael P., Pannell, David J.
Format: Article
Language:English
Subjects:
Civil Engineering
Costs
Decision making
Earth and Environmental Science
Earth Sciences
Economic benefits
Economic impact
Economics
Environmental Management
Estimates
Geophysics/Geodesy
Geotechnical Engineering & Applied Earth Sciences
Hazard mitigation
Hydrogeology
Investment
Investments
Market value
Markets
Mitigation
Natural Hazards
Review Article
Storms
Wildfires
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Summary: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.
ISSN:0921-030X
1573-0840
DOI:10.1007/s11069-019-03761-7