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The economic valuation of natural hazards in mountain forests: An approach based on the replacement cost method

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  • Notaro, Sandra
  • Paletto, Alessandro

Abstract

Protection from natural hazards is the most important function of mountain forests from an ecological, economic and social point of view. This assertion has been widely debated in recent years by a number of authors. In this paper we focus on the economic aspects of the protective function of forests, developing a quick and simple estimation method that can be applied on a local scale. We present the results of its application in an Italian Alpine forest. After having identified the main forest attributes directly or indirectly involved in protection, the economic value of the protective function for homogeneous zones was estimated by applying the replacement cost method. This value enables environmental concerns to be included in forest planning and political decision-making.

Suggested Citation

  • Notaro, Sandra & Paletto, Alessandro, 2012. "The economic valuation of natural hazards in mountain forests: An approach based on the replacement cost method," Journal of Forest Economics, Elsevier, vol. 18(4), pages 318-328.
  • Handle: RePEc:eee:foreco:v:18:y:2012:i:4:p:318-328
    DOI: 10.1016/j.jfe.2012.06.002
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    References listed on IDEAS

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    1. F. Berger & F. Rey, 2004. "Mountain Protection Forests against Natural Hazards and Risks: New French Developments by Integrating Forests in Risk Zoning," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 33(3), pages 395-404, November.
    2. Edward B. Barbier, 2007. "Valuing ecosystem services as productive inputs," Economic Policy, CEPR;CES;MSH, vol. 22, pages 177-229, January.
    3. Damnyag, Lawrence & Tyynelä, Tapani & Appiah, Mark & Saastamoinen, Olli & Pappinen, Ari, 2011. "Economic cost of deforestation in semi-deciduous forests — A case of two forest districts in Ghana," Ecological Economics, Elsevier, vol. 70(12), pages 2503-2510.
    4. Farber, Stephen C. & Costanza, Robert & Wilson, Matthew A., 2002. "Economic and ecological concepts for valuing ecosystem services," Ecological Economics, Elsevier, vol. 41(3), pages 375-392, June.
    5. Pascal Haegeli & Wolfgang Haider & Margo Longland & Ben Beardmore, 2010. "Amateur decision-making in avalanche terrain with and without a decision aid: a stated choice survey," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 52(1), pages 185-209, January.
    6. Barkmann, J. & Glenk, K. & Keil, A. & Leemhuis, C. & Dietrich, N. & Gerold, G. & Marggraf, R., 2008. "Confronting unfamiliarity with ecosystem functions: The case for an ecosystem service approach to environmental valuation with stated preference methods," Ecological Economics, Elsevier, vol. 65(1), pages 48-62, March.
    7. Olschewski, Roland & Bebi, Peter & Teich, Michaela & Wissen Hayek, Ulrike & Grêt-Regamey, Adrienne, 2012. "Avalanche protection by forests — A choice experiment in the Swiss Alps," Forest Policy and Economics, Elsevier, vol. 17(C), pages 19-24.
    8. Goio, Ilaria & Gios, Geremia & Pollini, Claudio, 2008. "The development of forest accounting in the province of Trento (Italy)," Journal of Forest Economics, Elsevier, vol. 14(3), pages 177-196, June.
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    Cited by:

    1. repec:eee:forpol:v:80:y:2017:i:c:p:150-159 is not listed on IDEAS
    2. repec:eee:tefoso:v:125:y:2017:i:c:p:137-153 is not listed on IDEAS
    3. repec:eee:ecomod:v:368:y:2018:i:c:p:411-424 is not listed on IDEAS
    4. repec:eee:ecoser:v:14:y:2015:i:c:p:12-23 is not listed on IDEAS

    More about this item

    Keywords

    Forest protective function; Forest planning; Zoning; Economic evaluation; Replacement cost method;

    JEL classification:

    • Q23 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Forestry
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods

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