IDEAS home Printed from https://ideas.repec.org/a/eee/jeeman/v58y2009i1p58-71.html
   My bibliography  Save this article

Beach nourishment as a dynamic capital accumulation problem

Author

Listed:
  • Smith, Martin D.
  • Slott, Jordan M.
  • McNamara, Dylan
  • Brad Murray, A.

Abstract

Beach nourishment is a common coastal management strategy used to combat erosion along sandy coastlines. It involves building out a beach with sand dredged from another location. This paper develops a positive model of beach nourishment and generates testable hypotheses about how the frequency of nourishment responds to property values, project costs, erosion rates, and discounting. By treating the decision to nourish as a dynamic capital accumulation problem, the model produces new insights about coupled economic geomorphological systems. In particular, determining whether the frequency of nourishment increases in response to physical and economic forces depends on whether the decay rate of nourishment sand exceeds the discount rate.

Suggested Citation

  • Smith, Martin D. & Slott, Jordan M. & McNamara, Dylan & Brad Murray, A., 2009. "Beach nourishment as a dynamic capital accumulation problem," Journal of Environmental Economics and Management, Elsevier, vol. 58(1), pages 58-71, July.
    • Handle: RePEc:eee:jeeman:v:58:y:2009:i:1:p:58-71
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0095-0696(09)00002-3
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Jeffrey J. Pompe & James R. Rinehart, 1995. "The Value Of Beach Nourishment To Property Owners: Storm Damage Reduction Benefits," The Review of Regional Studies, Southern Regional Science Association, vol. 25(3), pages 271-286, Winter.
    2. Andrew Ashton & A. Brad Murray & Olivier Arnoult, 2001. "Formation of coastline features by large-scale instabilities induced by high-angle waves," Nature, Nature, vol. 414(6861), pages 296-300, November.
    3. Yohe Gary & Neumann James & Ameden Holly, 1995. "Assessing the Economic Cost of Greenhouse-Induced Sea Level Rise: Methods and Application in Support of a National Survey," Journal of Environmental Economics and Management, Elsevier, vol. 29(3), pages 78-97, November.
    4. Dorfman, Jeffrey H. & Keeler, Andrew G. & Kriesel, Warren, 1996. "Valuing Risk-Reducing Interventions With Hedonic Models: The Case Of Erosion Protection," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(1), pages 1-11, July.
    5. Bell, Frederick W. & Leeworthy, Vernon R., 1990. "Recreational demand by tourists for saltwater beach days," Journal of Environmental Economics and Management, Elsevier, vol. 18(3), pages 189-205, May.
    6. Okmyung Bin & Thomas W. Crawford & Jamie B. Kruse & Craig E. Landry, 2008. "Viewscapes and Flood Hazard: Coastal Housing Market Response to Amenities and Risk," Land Economics, University of Wisconsin Press, vol. 84(3), pages 434-448.
    7. Hallstrom, Daniel G. & Smith, V. Kerry, 2005. "Market responses to hurricanes," Journal of Environmental Economics and Management, Elsevier, vol. 50(3), pages 541-561, November.
    8. J. Walter Milon & Jonathan Gressel & David Mulkey, 1984. "Hedonic Amenity Valuation and Functional Form Specification," Land Economics, University of Wisconsin Press, vol. 60(4), pages 378-387.
    9. Samuelson, Paul A, 1976. "Economics of Forestry in an Evolving Society," Economic Inquiry, Western Economic Association International, vol. 14(4), pages 466-492, December.
    10. Hartman, Richard, 1976. "The Harvesting Decision When a Standing Forest Has Value," Economic Inquiry, Western Economic Association International, vol. 14(1), pages 52-58, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Megan Mullin & Martin D. Smith & Dylan E. McNamara, 2019. "Paying to save the beach: effects of local finance decisions on coastal management," Climatic Change, Springer, vol. 152(2), pages 275-289, January.
    2. Corral, Leonardo R. & Schling, Maja, 2017. "The impact of shoreline stabilization on economic growth in small island developing states," Journal of Environmental Economics and Management, Elsevier, vol. 86(C), pages 210-228.
    3. Landry, Craig E. & Shonkwiler, J. Scott & Whitehead, John C., 2020. "Economic Values of Coastal Erosion Management: Joint Estimation of Use and Existence Values with recreation demand and contingent valuation data," Journal of Environmental Economics and Management, Elsevier, vol. 103(C).
    4. Gopalakrishnan, Sathya & Smith, Martin D. & Slott, Jordan M. & Murray, A. Brad, 2011. "The value of disappearing beaches: A hedonic pricing model with endogenous beach width," Journal of Environmental Economics and Management, Elsevier, vol. 61(3), pages 297-310, May.
    5. Craig E. Landry & J. Scott Shonkwiler & John C. Whitehead, 2018. "Economic Values of Coastal Erosion Management: Joint Estimation of Use and Passive Use Values with Recreation Demand and Contingent Valuation Data," Working Papers 18-09, Department of Economics, Appalachian State University.
    6. Li, Xiaoyu & Gopalakrishnan, Sathya & Klaiber, Allen, 2018. "To Build or Not to Build: Examining Coastal Vulnerability via Residential Development in North Carolina," 2018 Annual Meeting, August 5-7, Washington, D.C. 274443, Agricultural and Applied Economics Association.
    7. Meri Davlasheridze & Qin Fan, 2019. "Valuing Seawall Protection in the Wake of Hurricane Ike," Economics of Disasters and Climate Change, Springer, vol. 3(3), pages 257-279, October.
    8. Sierra Woodruff & Todd K. BenDor & Aaron L. Strong, 2018. "Fighting the inevitable: infrastructure investment and coastal community adaptation to sea level rise," System Dynamics Review, System Dynamics Society, vol. 34(1-2), pages 48-77, January.
    9. Dylan E. McNamara & Martin D. Smith & Zachary Williams & Sathya Gopalakrishnan & Craig E. Landry, 2024. "Policy and market forces delay real estate price declines on the US coast," Nature Communications, Nature, vol. 15(1), pages 1-16, December.
    10. Gopalakrishnan, Sathya & McNamara, Dylan & Smith, Martin D. & Murray, A. Brad, 2012. "The Effect Of Stochastic Storms On Optimal Beach Management," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 271515, Agricultural and Applied Economics Association.
    11. Hidekazu Yoshioka & Kunihiko Hamagami & Haruka Tomobe, 2023. "A Non-local Fokker-Planck Equation with Application to Probabilistic Evaluation of Sediment Replenishment Projects," Methodology and Computing in Applied Probability, Springer, vol. 25(1), pages 1-37, March.
    12. Qiu, Yun & Gopalakrishnan, Sathya, 2016. "Defending the Shoreline: A Duration Model of Beach Re-Nourishment," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 236361, Agricultural and Applied Economics Association.
    13. Yun Qiu & Sathya Gopalakrishnan & H. Allen Klaiber & Xiaoyu Li, 2020. "Dredging the sand commons: the economic and geophysical drivers of beach nourishment," Climatic Change, Springer, vol. 162(2), pages 363-383, September.
    14. Eli D. Lazarus, 2017. "Toward a Global Classification of Coastal Anthromes," Land, MDPI, vol. 6(1), pages 1-27, February.
    15. Dylan E McNamara & Sathya Gopalakrishnan & Martin D Smith & A Brad Murray, 2015. "Climate Adaptation and Policy-Induced Inflation of Coastal Property Value," PLOS ONE, Public Library of Science, vol. 10(3), pages 1-12, March.
    16. Beasley, W. Jason & Dundas, Steven J., 2021. "Hold the line: Modeling private coastal adaptation through shoreline armoring decisions," Journal of Environmental Economics and Management, Elsevier, vol. 105(C).
    17. L. Richard Little & Brenda B. Lin, 2017. "A decision analysis approach to climate adaptation: a structured method to consider multiple options," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 22(1), pages 15-28, January.
    18. Landry, Craig E. & Whitehead, John C., 2015. "Economic Values of Coastal Erosion Management: Joint Estimation of Use and Passive Use Values with Recreation and Contingent Valuation Data," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205441, Agricultural and Applied Economics Association.
    19. Beasley, William J. & Dundas, Steven J., 2018. "Hold the Line: The Determinants of shoreline armoring as an adaptive response," 2018 Annual Meeting, August 5-7, Washington, D.C. 274442, Agricultural and Applied Economics Association.
    20. Qiu, Yun & Gopalakrishnan, Sathya, 2018. "Shoreline defense against climate change and capitalized impact of beach nourishment," Journal of Environmental Economics and Management, Elsevier, vol. 92(C), pages 134-147.
    21. Massimo Bagarani & Annamaria De Vincenzo & Corrado Ievoli & Bruno Molino, 2020. "The Reuse of Sediments Dredged from Artificial Reservoirs for Beach Nourishment: Technical and Economic Feasibility," Sustainability, MDPI, vol. 12(17), pages 1-20, August.
    22. Meri Davlasheridze & Kayode O. Atoba & Samuel Brody & Wesley Highfield & William Merrell & Bruce Ebersole & Adam Purdue & Robert W. Gilmer, 2019. "Economic impacts of storm surge and the cost-benefit analysis of a coastal spine as the surge mitigation strategy in Houston-Galveston area in the USA," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 24(3), pages 329-354, March.
    23. Landry, Craig & Syphers, Steven & Keeler, Andrew, 2022. "Preferences for Post-storm Coastal Adaptation," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322385, Agricultural and Applied Economics Association.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gopalakrishnan, Sathya & McNamara, Dylan & Smith, Martin D. & Murray, A. Brad, 2012. "The Effect Of Stochastic Storms On Optimal Beach Management," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 271515, Agricultural and Applied Economics Association.
    2. Gopalakrishnan, Sathya & Smith, Martin D. & Slott, Jordan M. & Murray, A. Brad, 2011. "The value of disappearing beaches: A hedonic pricing model with endogenous beach width," Journal of Environmental Economics and Management, Elsevier, vol. 61(3), pages 297-310, May.
    3. Mutlu, Asli & Roy, Debraj & Filatova, Tatiana, 2023. "Capitalized value of evolving flood risks discount and nature-based solution premiums on property prices," Ecological Economics, Elsevier, vol. 205(C).
    4. Couture, Stéphane & Reynaud, Arnaud, 2011. "Forest management under fire risk when forest carbon sequestration has value," Ecological Economics, Elsevier, vol. 70(11), pages 2002-2011, September.
    5. Meri Davlasheridze & Qing Miao, 2021. "Natural disasters, public housing, and the role of disaster aid," Journal of Regional Science, Wiley Blackwell, vol. 61(5), pages 1113-1135, November.
    6. Xu, Ying & Amacher, Gregory S. & Sullivan, Jay, 2016. "Optimal forest management with sequential disturbances," Journal of Forest Economics, Elsevier, vol. 24(C), pages 106-122.
    7. Asante, Patrick & Armstrong, Glen W. & Adamowicz, Wiktor L., 2011. "Carbon sequestration and the optimal forest harvest decision: A dynamic programming approach considering biomass and dead organic matter," Journal of Forest Economics, Elsevier, vol. 17(1), pages 3-17, January.
    8. Gardner Brown, 2000. "Renewable Natural Resource Management and Use Without Markets," Working Papers 0025, University of Washington, Department of Economics.
    9. Tahvonen, Olli & Salo, Seppo, 1999. "Optimal Forest Rotation within SituPreferences," Journal of Environmental Economics and Management, Elsevier, vol. 37(1), pages 106-128, January.
    10. Hoel, Michael & Holtsmark, Bjart & Holtsmark, Katinka, 2014. "Faustmann and the climate," Journal of Forest Economics, Elsevier, vol. 20(2), pages 192-210.
    11. Georgic, Will & Klaiber, H. Allen, 2022. "Stocks, flows, and flood insurance: A nationwide analysis of the capitalized impact of annual premium discounts on housing values," Journal of Environmental Economics and Management, Elsevier, vol. 111(C).
    12. Even Bjørnstad & Anders Skonhoft, 2002. "Wood Fuel or Carbon Sink? Aspects of Forestry in the Climate Question," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 23(4), pages 447-465, December.
    13. Wacker, Holger, 1999. "Optimal harvesting of mutualistic ecological systems," Resource and Energy Economics, Elsevier, vol. 21(1), pages 89-102, January.
    14. Gan, Jianbang & Kolison, Stephen H. & Colletti, Joe P., 2001. "Optimal forest stock and harvest with valuing non-timber benefits: a case of US coniferous forests," Forest Policy and Economics, Elsevier, vol. 2(2), pages 167-178, June.
    15. Brukas, Vilis & Jellesmark Thorsen, Bo & Helles, Finn & Tarp, Peter, 2001. "Discount rate and harvest policy: implications for Baltic forestry," Forest Policy and Economics, Elsevier, vol. 2(2), pages 143-156, June.
    16. Bin, Okmyung & Landry, Craig E., 2013. "Changes in implicit flood risk premiums: Empirical evidence from the housing market," Journal of Environmental Economics and Management, Elsevier, vol. 65(3), pages 361-376.
    17. Anne Sophie Crépin, 2003. "Management Challenges for Multiple-Species Boreal Forests," Working Papers 2003.106, Fondazione Eni Enrico Mattei.
    18. Sahashi, Yoshinao, 2002. "The convergence of optimal forestry control," Journal of Mathematical Economics, Elsevier, vol. 37(3), pages 179-214, May.
    19. Kant, Shashi, 2003. "Extending the boundaries of forest economics," Forest Policy and Economics, Elsevier, vol. 5(1), pages 39-56, January.
    20. Hjortso, Carsten Nico & Straede, Steffen, 2001. "Strategic multiple-use forest planning in Lithuania -- applying multi-criteria decision-making and scenario analysis for decision support in an economy in transition," Forest Policy and Economics, Elsevier, vol. 3(3-4), pages 175-188, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jeeman:v:58:y:2009:i:1:p:58-71. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/622870 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.