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An Accidental Oil Spill Along the Belgian Coast: Results from a CV Study

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  • Van Biervliet, Karl
  • Le Roy, Dirk
  • Nunes, Paulo A.L.D.

Abstract

This paper offers an economic assessment of the loss of non-use values resulting from different oil spill scenarios along the Belgian Coast. Estimation results show that if no oil spill prevention policy action is undertaken, a significant welfare loss may result. As a matter of fact, contingent valuation estimation results show such a welfare loss ranges from 120 million Euro to 606 million Euro, depending on the size and the frequency of the oil spill under consideration. Therefore, any investment program targeted at the prevention of oil spills, and its damage on the marine environment, can be clearly defended from a cost-benefit perspective as long as its cost is no higher than 120 million Euro.

Suggested Citation

  • Van Biervliet, Karl & Le Roy, Dirk & Nunes, Paulo A.L.D., 2006. "An Accidental Oil Spill Along the Belgian Coast: Results from a CV Study," International Energy Markets Working Papers 12124, Fondazione Eni Enrico Mattei (FEEM).
    • Handle: RePEc:ags:feemie:12124
    DOI: 10.22004/ag.econ.12124
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    File URL: https://ageconsearch.umn.edu/record/12124/files/wp060041.pdf
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    References listed on IDEAS

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    1. Michael Hanemann & John Loomis & Barbara Kanninen, 1991. "Statistical Efficiency of Double-Bounded Dichotomous Choice Contingent Valuation," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(4), pages 1255-1263.
    2. Carson, R.T. & Mitchell, R.C. & Hanemann, W.M. & Kopp, R.J. & Presser, S. & Ruud, P.A., 1992. "A Contingent Valuation Study of Lost Passive Use Values Resulting From the Exxon Valdez Oil Spill," MPRA Paper 6984, University Library of Munich, Germany.
    3. Paulo A.L.D. Nunes, 2002. "The Contingent Valuation of Natural Parks," Books, Edward Elgar Publishing, number 2685.
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    Cited by:

    1. Marin, Giovanni, 2009. "Valutazione economica della biodiversità marina e costiera nel Nord Adriatico: situazione socio-economica dell’area considerata e trasferimento del beneficio [Economic valuation of marine and coast," MPRA Paper 17793, University Library of Munich, Germany.
    2. Ana Faria Lopes & Gorm Kipperberg, 2020. "Diagnosing Insensitivity to Scope in Contingent Valuation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 77(1), pages 191-216, September.
    3. Halkos, George, 2012. "The use of contingent valuation in assessing marine and coastal ecosystems’ water quality: A review," MPRA Paper 42183, University Library of Munich, Germany.
    4. Hye-Jeong Lee & Hyo-Jin Kim & Seung-Hoon Yoo, 2018. "The Public Value of Reducing the Incidence of Oil Spill Accidents in Korean Rivers," Sustainability, MDPI, vol. 10(4), pages 1-12, April.

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