Estimating the Indirect Economic Costs to Shrimp Consumers from the 2010 Deepwater Horizon Gulf Coast Oil Spill
AbstractIn 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Southern Agricultural Economics Association in its series 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida with number 142576.
Date of creation: 2013
Date of revision:
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;
Find related papers by JEL classification:
- Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
- Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply (the Commons)
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-02-16 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Grigalunas, Thomas A. & Anderson, Robert C. & Brown, Gardner M., Jr. & Congar, Richard & Meade, Norman F. & Sorensen, Philip E., 1986. "Estimating the Cost of Oil Spills: Lessons from the Amoco Cadiz Incident," Marine Resource Economics, Marine Resources Foundation, vol. 2(3).
- 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.
- 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.
- Maurie J. Cohen, 1995. "Technological Disasters and Natural Resource Damage Assessment: An Evaluation of the Exxon Valdez Oil Spill," Land Economics, University of Wisconsin Press, vol. 71(1), pages 65-82.
- 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.
- Noussair, Charles & Robin, Stephane & Ruffieux, Bernard, 2004. "Revealing consumers' willingness-to-pay: A comparison of the BDM mechanism and the Vickrey auction," Journal of Economic Psychology, Elsevier, vol. 25(6), pages 725-741, December.
- 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.
- 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.
- 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.
- 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.
- William Vickrey, 1961. "Counterspeculation, Auctions, And Competitive Sealed Tenders," Journal of Finance, American Finance Association, vol. 16(1), pages 8-37, 03.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- How much did the Gulf Oil Spill cost to shrimp consumers?
by Economic Logician in Economic Logic on 2013-03-07 15:27:00
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).
If references are entirely missing, you can add them using this form.