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Benchmarking Discount Rate in Natural Resource Damage Assessment with Risk Aversion
Stockholm University, Faculty of Social Sciences, Stockholm Business School. University of Chinese Academy of Sciences, China.
Number of Authors: 2
2017 (English)In: Risk Analysis, ISSN 0272-4332, E-ISSN 1539-6924, Vol. 37, no 8, 1522-1531 p.Article in journal (Refereed) Published
Abstract [en]

Benchmarking a credible discount rate is of crucial importance in natural resource damage assessment (NRDA) and restoration evaluation. This article integrates a holistic framework of NRDA with prevailing low discount rate theory, and proposes a discount rate benchmarking decision support system based on service-specific risk aversion. The proposed approach has the flexibility of choosing appropriate discount rates for gauging long-term services, as opposed to decisions based simply on duration. It improves injury identification in NRDA since potential damages and side-effects to ecosystem services are revealed within the service-specific framework. A real embankment case study demonstrates valid implementation of the method.

Place, publisher, year, edition, pages
2017. Vol. 37, no 8, 1522-1531 p.
Keyword [en]
Ecosystem services, natural resource damage assessment, reduced discount rate, risk
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:su:diva-147129DOI: 10.1111/risa.12824ISI: 000407612600007PubMedID: 28586099OAI: oai:DiVA.org:su-147129DiVA: diva2:1145830
Available from: 2017-09-29 Created: 2017-09-29 Last updated: 2017-09-29Bibliographically approved

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