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Substitution, Damages, and Compensation for Anglers due to Oil Spills:The case of the Deepwater Horizon

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  • Alvarez, Sergio
  • Larkin, Sherry L.
  • Whitehead, John C.
  • Haab, Timothy C.

Abstract

Oil spills and other anthropogenic environmental disasters have economic consequences that transcend losses of business revenue and property damages. Such non-market losses include those accrued by recreational users, as well as by individuals who hold passive use value for the affected environmental resources. We use a series of random utility models to examine the substitution patterns and welfare losses experienced by recreational saltwater anglers in the Southeast U.S. due to the Deepwater Horizon oil spill. The use of a difference ratio to measure changes between pre- and post-spill preferences that allow us to discern substitution patterns in fishing season, catch, and site popularity. We also estimate monetary welfare measures for damages incurred by anglers, as well as the in-kind compensatory restoration that would be required to make anglers whole.

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Bibliographic Info

Paper provided by Agricultural and Applied Economics Association in its series 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington with number 124779.

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Date of creation: 2012
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Handle: RePEc:ags:aaea12:124779

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Keywords: recreational fishing; MRIP; Deepwater Horizon; oil spill; random utility model; compensatory restoration; welfare measure; Environmental Economics and Policy;

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  1. Kenneth E. Train, 1998. "Recreation Demand Models with Taste Differences over People," Land Economics, University of Wisconsin Press, vol. 74(2), pages 230-239.
  2. Kling, Catherine L. & Bockstael, Nancy & Michael, W., 1999. "Estimating the Value of Water Quality Improvements in a Recreational Demand Framework," Staff General Research Papers 12334, Iowa State University, Department of Economics.
  3. Peter Boxall & Wiktor Adamowicz, 2002. "Understanding Heterogeneous Preferences in Random Utility Models: A Latent Class Approach," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 23(4), pages 421-446, December.
  4. Hindsley, Paul & Landry, Craig E. & Gentner, Brad, 2011. "Addressing onsite sampling in recreation site choice models," Journal of Environmental Economics and Management, Elsevier, vol. 62(1), pages 95-110, July.
  5. George R. Parsons & Michael S. Needelman, 1992. "Site Aggregation in a Random Utility Model of Recreation," Land Economics, University of Wisconsin Press, vol. 68(4), pages 418-433.
  6. Morey, Edward R. & Shaw, W. Douglass & Rowe, Robert D., 1991. "A discrete-choice model of recreational participation, site choice, and activity valuation when complete trip data are not available," Journal of Environmental Economics and Management, Elsevier, vol. 20(2), pages 181-201, March.
  7. George R. Parsons & Mary Jo Kealy, 1992. "Randomly Drawn Opportunity Sets in a Random Utility Model of Lake Recreation," Land Economics, University of Wisconsin Press, vol. 68(1), pages 93-106.
  8. Nicholas E. Flores & Jennifer Thacher, 2002. "Money, Who Needs It? Natural Resource Damage Assessment," Contemporary Economic Policy, Western Economic Association International, vol. 20(2), pages 171-178, 04.
  9. Kaoru, Yoshiaki, 1995. "Measuring marine recreation benefits of water quality improvements by the nested random utility model," Resource and Energy Economics, Elsevier, vol. 17(2), pages 119-136, August.
  10. Timothy Haab & Robert L. Hicks & Kurt Schnier & John C. Whitehead, 2010. "Angler Heterogeneity and the Species-Specific Demand for Marine Recreational Fishing," Working Papers 10-02, Department of Economics, Appalachian State University.
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Cited by:
  1. Catherine L. Kling & Daniel J. Phaneuf & Jinhua Zhao, 2012. "From Exxon to BP: Has Some Number Become Better Than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 26(4), pages 3-26, Fall.

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