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An empirical analysis of life jacket effectiveness in recreational boating

Author

Listed:
  • Scott Farrow

    (UMBC)

  • Douglas M. Larson

    (UC Davis)

Abstract

The Deepwater Horizon well blow-out in 2010 in the U.S. Gulf of Mexico is a recent example of a major news and environmental event while the Exxon Valdez spill in 1989 is more distant with some similar characteristics. Previous work by the authors estimated the welfare loss from “passive use value” associated with gathering news. We replicate that approach here using similar Nielsen TV viewing data and find the characteristics of the story have a similar effect in both events but the key economic relationship to the price of time has changed. We discuss reasons for this finding, and suggestions for improvement.

Suggested Citation

  • Scott Farrow & Douglas M. Larson, 2014. "An empirical analysis of life jacket effectiveness in recreational boating," UMBC Economics Department Working Papers 14-03, UMBC Department of Economics.
    • Handle: RePEc:umb:econwp:1403
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    File URL: http://www.umbc.edu/economics/wpapers/wp_14_03.pdf
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    More about this item

    Keywords

    news; Gulf Spill; Valdez; welfare; television;
    All these keywords.

    JEL classification:

    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • D6 - Microeconomics - - Welfare Economics

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