Composite Valuation of Immaterial Damage in Flooding: Value of Statistical Life, Value of Statistical Evacuation and Value of Statistical Injury

Arbeitspapier

This paper enriches existing valuation literature in a number of ways by presenting context-specific estimates of immaterial damage. First, it offers an estimation of value of statistical life (VOSL) in the context of a natural hazard (flooding). Next, as one of the contributions, alongside with less biased estimate of VOSL (euro 6.8 mln) it also provides estimates of the value of statistical injury (VOSI, euro 92,000), and of the value of statistical evacuation (VOSE, euro 2,400). Our estimated indicators are plausible and stay robust throughout various estimations. For flood protection policy in the Netherlands, a higher value of VOSL forthcoming from this research would imply 'underprotection' under current conditions. Another important finding concerns the composition of the total value of immaterial damages, where value of fatalities or value of evacuation may dominate depending on the prevailing floor risk circumstances. This implies that, first, VOSL is not an adequate proxy for immaterial damages since it understates prospective benefits of designated protective measures. Second, spatially differentiated composition of immaterial damages should be explicitly considered to guide policy decisions.

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• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Tinbergen Institute Discussion Paper ; No. 12-047/3

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Econometrics ; Multiple or Simultaneous Equation Models: Panel Data Models; Spatio-temporal Models ; Survey Methods; Sampling Methods ; Design of Experiments: General ; Consumer Economics: Empirical Analysis ; Allocative Efficiency; Cost-Benefit Analysis ; Valuation of Environmental Effects ; Climate; Natural Disasters and Their Management; Global Warming
• Thema: cost-benefit analysis ; natural hazard ; flood risk ; stated preferences ; choice experiment ; Überschwemmung ; Wert des Lebens ; Katastrophenschutz ; Kosten-Nutzen-Analyse ; Offenbarte Präferenzen ; Test ; Niederlande

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Bockarjova, Marija ; Rietveld, Piet ; Verhoef, Erik T.
• Ereignis: Veröffentlichung
• (wer): Tinbergen Institute
• (wo): Amsterdam and Rotterdam
• (wann): 2012

Weitere Informationen

• Handle: http://hdl.handle.net/10419/87318