Substitution, Damages, and Compensation for Anglers due to Oil Spills:The case of the Deepwater Horizon
Oil spills and other anthropogenic environmental disasters have economic consequences that transcend losses of business revenue and property damages. Such non-market losses include those accrued by recreational users, as well as by individuals who hold passive use value for the affected environmental resources. We use a series of random utility models to examine the substitution patterns and welfare losses experienced by recreational saltwater anglers in the Southeast U.S. due to the Deepwater Horizon oil spill. The use of a difference ratio to measure changes between pre- and post-spill preferences that allow us to discern substitution patterns in fishing season, catch, and site popularity. We also estimate monetary welfare measures for damages incurred by anglers, as well as the in-kind compensatory restoration that would be required to make anglers whole.
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