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Benefit Analysis for Natural Hazards

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  • V. Kerry Smith

Abstract

The objective of this paper is to develop the ex ante perspective for benefit analysis with natural hazards. It defines an ex ante evaluation of the economic benefits that arise from policies designed to reduce either the risk of or the detrimental effects associated with a natural hazard. In the process the paper compares the ex ante and ex post perspectives and discusses the prospects for implementing the framework by measuring the valuation concepts that are developed.

Suggested Citation

  • V. Kerry Smith, 1986. "Benefit Analysis for Natural Hazards," Risk Analysis, John Wiley & Sons, vol. 6(3), pages 325-334, September.
    • Handle: RePEc:wly:riskan:v:6:y:1986:i:3:p:325-334
    DOI: 10.1111/j.1539-6924.1986.tb00225.x
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    References listed on IDEAS

    as
    1. Smith, Vernon L, 1982. "Microeconomic Systems as an Experimental Science," American Economic Review, American Economic Association, vol. 72(5), pages 923-955, December.
    2. McKenzie,George W., 1983. "Measuring Economic Welfare," Cambridge Books, Cambridge University Press, number 9780521248624, September.
    3. Gallagher, David R. & Smith, V. Kerry, 1985. "Measuring values for environmental resources under uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 12(2), pages 132-143, June.
    4. Philip J. Cook & Daniel A. Graham, 1977. "The Demand for Insurance and Protection: The Case of Irreplaceable Commodities," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 91(1), pages 143-156.
    5. Schoemaker, Paul J H, 1982. "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations," Journal of Economic Literature, American Economic Association, vol. 20(2), pages 529-563, June.
    6. Smith, Vernon L, 1977. "The Principle of Unanimity and Voluntary Consent in Social Choice," Journal of Political Economy, University of Chicago Press, vol. 85(6), pages 1125-1139, December.
    7. Graham, Daniel A, 1981. "Cost-Benefit Analysis under Uncertainty," American Economic Review, American Economic Association, vol. 71(4), pages 715-725, September.
    8. K. J. Arrow, 1964. "The Role of Securities in the Optimal Allocation of Risk-bearing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 31(2), pages 91-96.
    9. V. Kerry Smith & Carol C. S. Gilbert, 1985. "The Valuation of Environmental Risks Using Hedonic Wage Models," NBER Chapters, in: Horizontal Equity, Uncertainty, and Economic Well-Being, pages 359-392, National Bureau of Economic Research, Inc.
    10. Diamond, P. A. & McFadden, D. L., 1974. "Some uses of the expenditure function in public finance," Journal of Public Economics, Elsevier, vol. 3(1), pages 3-21, February.
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    Cited by:

    1. A. Myrick Freeman, 1989. "Ex Ante and Ex Post Values for Changes in Risks," Risk Analysis, John Wiley & Sons, vol. 9(3), pages 309-317, September.
    2. Timothy L. McDaniels & Mark S. Kamlet & Gregory W. Fischer, 1992. "Risk Perception and the Value of Safety," Risk Analysis, John Wiley & Sons, vol. 12(4), pages 495-503, December.

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