Composite Valuation of Immaterial Damage in Flooding: Value of Statistical Life, Value of Statistical Evacuation and Value of Statistical Injury

Bočkarjova, M.; Rietveld, Piet; Verhoef, Erik T.

doi:10.2139/ssrn.2047062

Cited by 10 publications

(8 citation statements)

References 40 publications

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“…This analysis determined the optimal protection level for a dike ring as that protection level where the marginal protection costs would equate the marginal avoided damages. Damages included direct and indirect economic damage, and loss of life expressed in monetary value through the value of statistical life concept (Bockarjova et al 2012). With this approach, optimal protection levels were determined for all dike rings in the Netherlands (Kind 2014).…”

Section: Internal Rate Of Return (Irr)mentioning

confidence: 99%

Integrated Disaster Risk Management and Adaptation

Botzen

Bouwer

Scussolini

et al. 2018

Loss and Damage From Climate Change

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This chapter discusses integrated approaches to the management of risks related to extreme weather and climate change. This is done with the Loss and Damage (L&D) mechanism of the UNFCCC in mind. Relevant insights are provided for climate policy negotiators and policymakers on how risk management and adaptation interact with L&D solutions, and vice versa, on how L&D-related activities can support risk reduction and adaptation in vulnerable countries. Particular attention is devoted to how risk management can help society confront the impacts of weather disasters in relation to anthropogenic climate change. A holistic view of risk management is presented by discussing: the state-of-the art of risk assessment methods; (cost-benefit) evaluations of risk management options; household-scale risk reduction strategies; insurance schemes for residual risk and their relations with risk reduction; and the design of adaptation pathways to cope with uncertain timing and intensity of climate change impacts. Each topic is illustrated with concrete case studies. Finally, conclusions are drawn on the links between disaster risk management, climate adaptation and the L&D mechanism.

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Section: Internal Rate Of Return (Irr)mentioning

confidence: 99%

Integrated Disaster Risk Management and Adaptation

Botzen

Bouwer

Scussolini

et al. 2018

Loss and Damage From Climate Change

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“…The value of human losses was then determined based on estimated stock values of human capital (see, e.g. Petty 1690; Folloni and Vittadini 2010), while for future practices the method of valuation of statistical life and injuries (VOSL) is contemplated (Vrijling and Van Gelder 1997;Bockarjova et al 2012). Other intangibles such as ecological and cultural consequences were not taken into account at the time, and although they can have a considerable effect on the results of the analysis, they are not explicitly tackled in this paper.…”

mentioning

confidence: 99%

Economic optimization of flood prevention systems in the Netherlands

Tsimopoulou

Kok

Vrijling

2015

Mitig Adapt Strateg Glob Change

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After the flood disaster of 1953, the Netherlands adopted a rational approach to flood risk management with the use of protection standards determined by means of costbenefit analysis. Due to scientific and political developments that have recently taken place, an update of the Dutch protection standards is being undertaken. One of the major priorities considered, is the need to address three issues, namely: (1) expressing the protection standards as failure probabilities of the flood defences, i.e. probabilities of breaching, instead of exceedance frequencies of water levels that is currently the case, (2) taking into account a spatial variability of those failure probabilities, and (3) considering various flooding scenarios. These aspects have been comprehensively addressed within a national flood risk analysis project, and partly considered in a numerical cost-benefit analysis approach, developed for the determination of new protection standards in the Netherlands. This paper presents an analytical economic optimization approach that makes an explicit link with all results of the national flood risk analysis project. In particular, an approach is outlined for the approximation of economically optimal design values of the failure probabilities along dyke-ring segments, which are treated as a series system of flood defences. The approach can assist in the determination of new protection standards in the Netherlands, but also in the design of flood prevention systems elsewhere.

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“…• V = 6.7 M€; the value for the loss of life V for the Netherlands is based on [54], based on econometric considerations.…”

Section: Numerical Examplesmentioning

confidence: 99%

“…• V = 6.7 M; the value for the loss of life V for the Netherlands is based on [54], based on econometric considerations. • s 2 = 25 persons; the number of lives lost due to an evacuation (in reality, this is related to the number of people that evacuate, with special attention paid to people with special needs).…”

Section: Numerical Examplesmentioning

confidence: 99%

“…When C 1 is 12,000 M€, the perceived economic value of human life is 0.4 M€, and when C 1 is 12 M€, the perceived economic value of human life is 1.9 M€. This economic value of 0.4 M€ of a life is outside the scope of the bandwidth as presented in the literature for flood risk management in the Netherlands [54]. This value for human life is also far less than, for example, the economic value for human life in traffic, which was 2.6 million euro in 2009 [62].…”

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confidence: 96%

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Risk-Based Decision-Making for Evacuation in Case of Imminent Threat of Flooding

Kolen

Gelder

2018

Water

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It is important for decision-makers in emergency response situations to determine the scope, scale, timing, path and resettlement area of an evacuation decision when there is an imminent threat of flooding. In this paper, a method called the “Evacuation Diagram” is described to support risk-based evacuation planning and decision-making. In case of an imminent threat of flooding, we refer to the conditional risk, which is the risk given the forecasted water levels and potential consequences during the next days of the event. Given the threat and potential costs and benefits, evacuation decisions have to mitigate this conditional risk. Since evacuation can be costly, decision-makers have to make a trade-off between costs and benefits. In this research we present a method using a cost–benefit analysis approach, in which we adopt the “Dutch flood risk approach” to define the required strength of levees based on flood risk considerations. The “Evacuation Diagram” method is derived from analytical derivations, based on differential weighing of costs and benefits, which have an impact on a binary choice (or a set of discrete choices) as to whether to instruct an area to evacuate or not. Basically, this is an analysis of behavioural decision-making under risk, investigating how a cost–benefit analysis can yield higher cost effectiveness in risk reduction for human lives lost during possible evacuation incidents. The method is applied to a Dutch case study and the results are compared to the outcomes of the largest evacuation exercise ever held in the Netherlands, called ‘Waterproef’. It is concluded that the risk-based evacuation method, as presented in this paper, provides useful insight into collective and authoritative evacuation order decisions.

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Composite Valuation of Immaterial Damage in Flooding: Value of Statistical Life, Value of Statistical Evacuation and Value of Statistical Injury

Cited by 10 publications

References 40 publications

Integrated Disaster Risk Management and Adaptation

Integrated Disaster Risk Management and Adaptation

Economic optimization of flood prevention systems in the Netherlands

Risk-Based Decision-Making for Evacuation in Case of Imminent Threat of Flooding

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