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Technological Disasters and Natural Resource Damage Assessment: An Evaluation of the Exxon Valdez Oil Spill

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  • Maurie J. Cohen
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    Abstract

    Ex post analysis can enhance assessment of the social costs of technological disasters. This paper employs a market model to evaluate the economic losses of the 1989 Exxon Valdez oil spill on southcentral Alaska's fisheries. The upper bound of the accident's first-year social costs on these resources is $108 million, approximately 27 percent of ex-vessel value. Second-year effects may have been as high as $47 million. More probable estimates of the oil spill's actual social costs are likely less than these amounts. Precise determination of the accident's impacts is constrained by the dynamic interaction of numerous biological and economic variables.

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    File URL: http://www.jstor.org/stable/pdfplus/3146759
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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 71 (1995)
    Issue (Month): 1 ()
    Pages: 65-82

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    Handle: RePEc:uwp:landec:v:71:y:1995:i:1:p:65-82

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    Web page: http://le.uwpress.org/

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    Cited by:
    1. World Bank, 2007. "Lebanon : Economic Assessment of Environmental Degredation Due to July 2006 Hostilities, Sector Note," World Bank Other Operational Studies 7619, The World Bank.
    2. Wirtz, Kai W. & Baumberger, Nick & Adam, Susanne & Liu, Xin, 2007. "Oil spill impact minimization under uncertainty: Evaluating contingency simulations of the Prestige accident," Ecological Economics, Elsevier, Elsevier, vol. 61(2-3), pages 417-428, March.
    3. Ellis, Addison & Kropp, Jaclyn D. & Norton, Michael T., 2013. "Estimating the Indirect Economic Costs to Shrimp Consumers from the 2010 Deepwater Horizon Gulf Coast Oil Spill," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida, Southern Agricultural Economics Association 142576, Southern Agricultural Economics Association.

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