Author(s): Alexander Ugarov
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We estimate economic benefits which a potential new tornado alerts system inspired by the FACET’s paradigm can provide to US households. As there is yet no accepted design for the new system, we use a prototype decision making model to find a design providing minimally sufficient information to make optimal dynamic sheltering decisions. We then measure households’ benefits from the new system by using a nationwide contingent valuation survey. Our contingent valuation survey shows that total benefits of residents of tornado-prone states exceed \$3 billion per year. Depending on the method used, the benefits vary between \$3 to \$9 billion USD per year with our preferred method predicting \$4.5 billion per year. This calculation does not account for non-use value of the system derived by households outside of the region.
Published: 2022-12-13 22:54:38 PT
Stage: Working Paper
Fields: Agricultural and Environmental
Research Group(s): Playground
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Versions: v1 (12/13/2022)