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

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Author Info

  • Karl van Biervliet

    (ECOLAS)

  • Dirk Le Roy

    (ECOLAS)

  • Paulo A.L.D. Nunes

    (University of Venice and Fondazione Eni Enrico Mattei)

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.

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Bibliographic Info

Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2006.41.

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Date of creation: Mar 2006
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Handle: RePEc:fem:femwpa:2006.41

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Related research

Keywords: Oil Spill; Prevention Scenario; Contingent Valuation; Cost Benefit Analysis;

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References

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  1. 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.
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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 co
    ," MPRA Paper 17793, University Library of Munich, Germany.
  2. 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.

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