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Valuation of oil spill risk reductions in the Arctic

Author

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  • Maria Noring
  • Linus Hasselström
  • Cecilia Håkansson
  • Åsa Soutukorva
  • Åsa Gren

Abstract

In this study, data from a contingent valuation (CV) study in Lofoten, Norway, are used to assess the value of ecosystem services at risk from oil spills in the Arctic. It is investigated to which extent subjective opinion about the probability of a potential oil spill steers respondents’ willingness to pay (WTP) for reducing risk. The respondents’ preferences are analysed for ecosystem services. Finally, differences in WTP for two hypothetical spill scenarios are considered: one where measures are taken to reduce the probability of a spill and one where measures are taken to reduce the probability and impacts in the event of an accident. The findings indicate that measures should focus on alleviating the impacts of oil spills on ecosystem services generally, rather than on any specific ecosystem service. Furthermore, respondents’ perception of risk is higher than the estimated objective risk. The findings also suggest that respondents are more concerned about preventing the occurrence of oil spill accidents (usually considered to be more frequent than they actually are) compared to preventing the impacts of a spill. One policy implication is to focus more on policies that decrease the probability of spills than on policies that decrease the subsequent ecological impact.

Suggested Citation

  • Maria Noring & Linus Hasselström & Cecilia Håkansson & Åsa Soutukorva & Åsa Gren, 2016. "Valuation of oil spill risk reductions in the Arctic," Journal of Environmental Economics and Policy, Taylor & Francis Journals, vol. 5(3), pages 298-317, September.
    • Handle: RePEc:taf:teepxx:v:5:y:2016:i:3:p:298-317
    DOI: 10.1080/21606544.2016.1155499
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    References listed on IDEAS

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    1. Karl van Biervliet & Dirk Le Roy & Paulo A.L.D. Nunes, 2006. "An Accidental Oil Spill Along the Belgian Coast: Results from a CV Study," Working Papers 2006.41, Fondazione Eni Enrico Mattei.
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    Cited by:

    1. Moritz A. Drupp & Zachary M. Turk & Ben Groom & Jonas Heckenhahn, 2023. "Limited substitutability, relative price changes and the uplifting of public natural capital values," Papers 2308.04400, arXiv.org, revised Mar 2024.
    2. Abate, Tenaw G. & Börger, Tobias & Aanesen, Margrethe & Falk-Andersson, Jannike & Wyles, Kayleigh J. & Beaumont, Nicola, 2020. "Valuation of marine plastic pollution in the European Arctic: Applying an integrated choice and latent variable model to contingent valuation," Ecological Economics, Elsevier, vol. 169(C).

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