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Natural Assets: Surfing a wave of economic growth

Author

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  • Thomas McGregor
  • Samuel Wills

Abstract

Many natural assets can not be valued at market prices. Non-market valuations typically focus on the value of an individual asset to an individual user, ignoring macroeconomic spillovers. We estimate the contribution of a natural asset to aggregate economic activity by exploiting exogenous variation in the quality of surfing waves around the world, using a global dataset covering over 5,000 locations. Treating night-time light emissions as a proxy for economic activity we find that high quality surfing waves boost activity in the local area (

Suggested Citation

  • Thomas McGregor & Samuel Wills, 2016. "Natural Assets: Surfing a wave of economic growth," OxCarre Working Papers 170, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  • Handle: RePEc:oxf:oxcrwp:170
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    File URL: https://www.economics.ox.ac.uk/materials/OxCarre/ResearchPapers/oxcarrerp2016170.pdf
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    References listed on IDEAS

    as
    1. Elias Papaioannou, 2014. "National Institutions and Subnational Development in Africa," The Quarterly Journal of Economics, Oxford University Press, vol. 129(1), pages 151-213.
    2. Maksym Polyakov & David J. Pannell & Ram Pandit & Sorada Tapsuwan & Geoff Park, 2015. "Capitalized Amenity Value of Native Vegetation in a Multifunctional Rural Landscape," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 97(1), pages 299-314.
    3. Richard T. Carson & Theodore Groves & John A. List, 2014. "Consequentiality: A Theoretical and Experimental Exploration of a Single Binary Choice," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 1(1), pages 171-207.
    4. Sutton, Paul C. & Costanza, Robert, 2002. "Global estimates of market and non-market values derived from nighttime satellite imagery, land cover, and ecosystem service valuation," Ecological Economics, Elsevier, vol. 41(3), pages 509-527, June.
    5. Rider, Robert, 1998. "Hangin' Ten: The Common-Pool Resource Problem of Surfing," Public Choice, Springer, vol. 97(1-2), pages 49-64, October.
    6. J. Vernon Henderson & Adam Storeygard & David N. Weil, 2012. "Measuring Economic Growth from Outer Space," American Economic Review, American Economic Association, vol. 102(2), pages 994-1028, April.
    7. Stelios Michalopoulos & Elias Papaioannou, 2013. "Preā€Colonial Ethnic Institutions and Contemporary African Development," Econometrica, Econometric Society, vol. 81(1), pages 113-152, January.
    8. United Nations, 2014. "System of Environmental-Economic Accounting 2012," World Bank Publications, The World Bank, number 23959.
    9. Brock Smith & Samuel Wills, 2018. "Left in the Dark? Oil and Rural Poverty," Journal of the Association of Environmental and Resource Economists, University of Chicago Press, vol. 5(4), pages 865-904.
    10. Daniel T. Kaffine, 2009. "Quality and the Commons: The Surf Gangs of California," Journal of Law and Economics, University of Chicago Press, vol. 52(4), pages 727-743, November.
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    More about this item

    Keywords

    Non-market valuation; natural capital; surfing; night-time lights;

    JEL classification:

    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • Q26 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Recreational Aspects of Natural Resources
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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