The Value of Protecting Venice from the Acqua Alta Phenomenon under Different Local Sea Level Rises
AbstractVenice (Italy) is built on several islands inside a lagoon. It undergoes a periodical �ooding phenomenon, called "Acqua Alta" (AA). A system of mobile dams, called Mo.S.E., is currently under construction to protect it. When needed, several fl�oodgates will be lifted to separate the lagoon from the Adriatic sea. AA, whose length and height has been increasing in recent years, is a random phenomenon, correlated with local sea level rise (LSLR). Several possible LSLRs can be assumed as consequences of different global warming scenarios. We investigate here the cost-bene�t of Mo.S.E. under different possible LSLRs. First, we simulate the future patterns of AA for the next 50 years under alternative LSLRs. Then, we calculate the bene�t of Mo.S.E., converting each avoided AA episode into an economic value (avoided cost). We show that the bene�ts are just at the level of the costs, when a low LSLR is assumed and increase with LSLR, provided that it does not reache a catastrophic (yet unpredictable) extreme level.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 53779.
Date of creation: 19 Feb 2014
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Cost-benefit; Acqua Alta; Tide level simulation;
Find related papers by JEL classification:
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
- C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-03-01 (All new papers)
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