TY - JOUR
T1 - State of Knowledge of Economic Value of Current and Improved Hurricane Forecasts
AU - Sutter, Daniel
AU - Ewing, Bradley T.
PY - 2016/6/1
Y1 - 2016/6/1
N2 - This paper surveys the literature on the value of current and potentially improved hurricane forecasts from the National Hurricane Center. Research on the societal impacts of hurricanes demonstrates that forecasts are likely generating substantial benefits to society in a variety of uses, including saving lives in the U. S. and across the Carribean and Eastern Pacific, reducing the cost of evacuations, improving supply chain management, and in the transportation and energy production and distribution sectors. The existing literature, however, fails generally to quantify the benefits with rigor sufficient for an academic quality benefit-cost analysis of hurricane forecasts. The paper offers several suggestions for future research to more precisely estimate the benefits attributable to current or improved forecasts.
AB - This paper surveys the literature on the value of current and potentially improved hurricane forecasts from the National Hurricane Center. Research on the societal impacts of hurricanes demonstrates that forecasts are likely generating substantial benefits to society in a variety of uses, including saving lives in the U. S. and across the Carribean and Eastern Pacific, reducing the cost of evacuations, improving supply chain management, and in the transportation and energy production and distribution sectors. The existing literature, however, fails generally to quantify the benefits with rigor sufficient for an academic quality benefit-cost analysis of hurricane forecasts. The paper offers several suggestions for future research to more precisely estimate the benefits attributable to current or improved forecasts.
UR - http://www.scopus.com/inward/record.url?scp=84959240886&partnerID=8YFLogxK
U2 - 10.1515/jbvela-2015-0015
DO - 10.1515/jbvela-2015-0015
M3 - Review article
AN - SCOPUS:84959240886
VL - 11
SP - 45
EP - 64
JO - Journal of Business Valuation and Economic Loss Analysis
JF - Journal of Business Valuation and Economic Loss Analysis
SN - 1932-9156
IS - 1
ER -