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.
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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; Prices
- 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)
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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
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