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Residual Risk Accounting: A Pilot Study of the Coastal Sector

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  • Scott Farrow

    ()
    (UMBC)

Abstract

Risks continue near the coasts such as flooding, oil spills, deaths and unemployment despite numerous policies to prevent and mitigate their effects. Such policies are typically analyzed in their natural units, such as jobs, and so comparisons are difficult across risk categories. An approach similar to supplemental national income and product accounting allows direct comparison of the relative importance and variability of these residual risks. Results for the coastal sector highlight the stability and large expected annual costs associated with some activities such as recreational boating fatalities. In contrast, other categories such as oil spills and flooding exhibit high variability and in the case of flooding, a high level of damages. The results are useful in the strategic development of regulations, causal models and policy design.

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File URL: http://www.umbc.edu/economics/wpapers/wp_14_01.pdf
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Bibliographic Info

Paper provided by UMBC Department of Economics in its series UMBC Economics Department Working Papers with number 14-01.

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Length: 24 pages
Date of creation: Jan 2014
Date of revision:
Handle: RePEc:umb:econwp:1401

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Postal: UMBC Department of Economics 1000 Hilltop Circle Baltimore MD 21250, USA
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Web page: http://www.umbc.edu/economics
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Keywords: Risk accounting; shadow price; flood; VSL; unemployment;

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  1. W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc.
  2. repec:reg:rpubli:282 is not listed on IDEAS
  3. Timothy J. Bartik, 2011. "Including Jobs in Benefit-Cost Analysis," Upjohn Working Papers and Journal Articles 11-178, W.E. Upjohn Institute for Employment Research.
  4. William D. Nordhaus & James Tobin, 1972. "Economic Research: Retrospect and Prospect Vol 5: Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number nord72-1, octubre-d.
  5. Nicholas Z. Muller & Robert Mendelsohn & William Nordhaus, 2011. "Environmental Accounting for Pollution in the United States Economy," American Economic Review, American Economic Association, vol. 101(5), pages 1649-75, August.
  6. Richard Carson & Robert Mitchell & Michael Hanemann & Raymond Kopp & Stanley Presser & Paul Ruud, 2003. "Contingent Valuation and Lost Passive Use: Damages from the Exxon Valdez Oil Spill," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 25(3), pages 257-286, July.
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