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Technological Disasters and Natural Resource Damage Assessment: An Evaluation of the Exxon Valdez Oil Spill

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  • Maurie J. Cohen

Abstract

Ex post analysis can enhance assessment of the social costs of technological disasters. This paper employs a market model to evaluate the economic losses of the 1989 Exxon Valdez oil spill on southcentral Alaska's fisheries. The upper bound of the accident's first-year social costs on these resources is $108 million, approximately 27 percent of ex-vessel value. Second-year effects may have been as high as $47 million. More probable estimates of the oil spill's actual social costs are likely less than these amounts. Precise determination of the accident's impacts is constrained by the dynamic interaction of numerous biological and economic variables.

Suggested Citation

  • Maurie J. Cohen, 1995. "Technological Disasters and Natural Resource Damage Assessment: An Evaluation of the Exxon Valdez Oil Spill," Land Economics, University of Wisconsin Press, vol. 71(1), pages 65-82.
    • Handle: RePEc:uwp:landec:v:71:y:1995:i:1:p:65-82
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    Cited by:

    1. Hoang, Trung Xuan & Le, Duong Trung & Nguyen, Ha Minh & Vuong, Nguyen Dinh Tuan, 2020. "Labor market impacts and responses: The economic consequences of a marine environmental disaster," Journal of Development Economics, Elsevier, vol. 147(C).
    2. Sam, Kabari & Zabbey, Nenibarini & Onyena, Amarachi Paschaline, 2022. "Implementing contaminated land remediation in Nigeria: Insights from the Ogoni remediation project," Land Use Policy, Elsevier, vol. 115(C).
    3. Domínguez Alvarez, Rocío & Loureiro, María L., 2013. "Environmental accidents and stigmatized fish prices: evidence from the Prestige oil spill in Galicia," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 13(02), pages 1-24, December.
    4. Hore John & Carrington William J., 2011. "Labor Market Effects of the Exxon Valdez Oil Spill," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 11(1), pages 1-18, October.
    5. Thais Waideman Niquito & Fernando Pozzobon & Vinícius Halmenschlager & Felipe Garcia Ribeiro, 2021. "Human-made disasters and economic impact for a developing economy: evidence from Brazil," 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. 109(3), pages 2313-2341, December.
    6. Ellis, Addison & Kropp, Jaclyn D. & Norton, Michael T., 2013. "Estimating the Indirect Economic Costs to Shrimp Consumers from the 2010 Deepwater Horizon Gulf Coast Oil Spill," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142576, Southern Agricultural Economics Association.
    7. World Bank, 2007. "Lebanon : Economic Assessment of Environmental Degredation Due to July 2006 Hostilities, Sector Note," World Bank Publications - Reports 7619, The World Bank Group.
    8. Wirtz, Kai W. & Baumberger, Nick & Adam, Susanne & Liu, Xin, 2007. "Oil spill impact minimization under uncertainty: Evaluating contingency simulations of the Prestige accident," Ecological Economics, Elsevier, vol. 61(2-3), pages 417-428, March.
    9. John Duffield, 1997. "Nonmarket Valuation And The Courts: The Case Of The Exxon Valdez," Contemporary Economic Policy, Western Economic Association International, vol. 15(4), pages 98-110, October.
    10. Bariş Tan & Emre N. Otay, 1999. "Modeling and analysis of vessel casualties resulting from tanker traffic through narrow waterways," Naval Research Logistics (NRL), John Wiley & Sons, vol. 46(8), pages 871-892, December.
    11. Loureiro, Maria L. & Ribas, Alfonso & Lopez, Edelmiro & Ojea, Elena, 2006. "Estimated costs and admissible claims linked to the Prestige oil spill," Ecological Economics, Elsevier, vol. 59(1), pages 48-63, August.
    12. Winston Abara & Sacoby Wilson & John Vena & Louisiana Sanders & Tina Bevington & Joan M. Culley & Lucy Annang & Laura Dalemarre & Erik Svendsen, 2014. "Engaging a Chemical Disaster Community: Lessons from Graniteville," IJERPH, MDPI, vol. 11(6), pages 1-14, May.
    13. Garza-Gil, M. Dolores & Prada-Blanco, Albino & Vazquez-Rodriguez, M. Xose, 2006. "Estimating the short-term economic damages from the Prestige oil spill in the Galician fisheries and tourism," Ecological Economics, Elsevier, vol. 58(4), pages 842-849, July.
    14. James L Anderson & Christopher M Anderson & Jingjie Chu & Jennifer Meredith & Frank Asche & Gil Sylvia & Martin D Smith & Dessy Anggraeni & Robert Arthur & Atle Guttormsen & Jessica K McCluney & Tim W, 2015. "The Fishery Performance Indicators: A Management Tool for Triple Bottom Line Outcomes," PLOS ONE, Public Library of Science, vol. 10(5), pages 1-20, May.

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