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Estimating the Indirect Economic Costs to Shrimp Consumers from the 2010 Deepwater Horizon Gulf Coast Oil Spill

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  • Ellis, Addison
  • Kropp, Jaclyn D.
  • Norton, Michael T.
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    Abstract

    In this paper, we estimate the indirect economic losses to U.S. shrimp consumers as a result of the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Using a combination of national fisheries market data and the results of an experimental auction, we identify three sources of economic damages to shrimp consumers: (1) higher prices paid by consumers for shrimp in 2010, (2) a loss of utility in the form of substituting consumption of preferred wild-caught Gulf shrimp with less-preferred substitutes, and (3) a loss in utility in the form of stigma attached to wild-caught Gulf shrimp.

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    File URL: http://purl.umn.edu/142576
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    Bibliographic Info

    Paper provided by Southern Agricultural Economics Association in its series 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida with number 142576.

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    Date of creation: 2013
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    Handle: RePEc:ags:saea13:142576

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    Keywords: Becker-Degroot-Marschak; Gulf Coast oil spill; shrimp; stigma; willingness to pay; Demand and Price Analysis; Food Consumption/Nutrition/Food Safety; Institutional and Behavioral Economics; Risk and Uncertainty; Q22; Q21; Q54;

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    1. Irwin, Julie R, et al, 1998. "Payoff Dominance vs. Cognitive Transparency in Decision Making," Economic Inquiry, Western Economic Association International, vol. 36(2), pages 272-85, April.
    2. Horowitz, John K., 2006. "The Becker-DeGroot-Marschak mechanism is not necessarily incentive compatible, even for non-random goods," Economics Letters, Elsevier, vol. 93(1), pages 6-11, October.
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    4. Noussair, C.N. & Ruffieux, B. & Robin , S., 2004. "Revealing consumers' willingness to pay: A comparison of the BDM mechanism and the vickrey auction," Open Access publications from Tilburg University urn:nbn:nl:ui:12-377937, Tilburg University.
    5. Christopher Kanter & Kent D. Messer & Harry M. Kaiser, 2009. "Does Production Labeling Stigmatize Conventional Milk?," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(4), pages 1097-1109.
    6. Cunningham, William H & Anderson, W Thomas, Jr & Murphy, John H, 1974. "Are Students Real People?," The Journal of Business, University of Chicago Press, vol. 47(3), pages 399-409, July.
    7. William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
    8. Henry, Mark S. & Rhodes, Raymond J. & Eades, Daniel C., 2008. "The Flow of South Carolina Harvested Seafood Products through South Carolina Markets," Research Reports 112799, Clemson University, Department of Agricultural and Applied Economics.
    9. Robin Dillaway & Kent D. Messer & John C. Bernard & Harry M. Kaiser, 2011. "Do Consumer Responses to Media Food Safety Information Last?," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 33(3), pages 363-383.
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    1. How much did the Gulf Oil Spill cost to shrimp consumers?
      by Economic Logician in Economic Logic on 2013-03-07 15:27:00

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