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What’s the value of a clean beach? Here’s how economists do the numbers
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Environmental economists use cost-benefit analysis to estimate the value of environmental resources. President Ronald Reagan's order in 1981 required federal agencies to weigh the costs and benefits of proposed regulations. Every administration since Reagan has endorsed using cost-benefit analysis. Studies by the EPA have shown that the benefits of the Clean Act outweigh the costs. Outdoor recreation adds $373 billion to the US economy yearly. Economists measure the economic value of outdoor recreation through direct expenditures and also the value that people place on the environment itself. A study estimated that visitors to Southern California beaches would be willing to pay $29.5 million to reduce marine debris by 25%. Harmful algal blooms in Lake Erie cause beach closures and drinking water bans. A study estimated that reducing these outbreaks would save swimmers, boaters, and fishermen $800,000 to $970,000 per year. The BP Deepwater Horizon oil spill caused a 9% drop in trips to Northwest Florida beaches, resulting in economic losses of $252 million to $332 million. Putting a price on natural resources has encouraged decision-makers to recognize their finite nature and design policies and regulations that benefit all.
#CleanBeach #EnvironmentalEconomics #CostbenefitAnalysis #OutdoorRecreation #MarineDebris #HarmfulAlgalBlooms #LakeErie #BpOilSpill #NaturalResources
https://www.yahoo.com/news/value-clean-beach-economists-numbers-140636247.html
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Environmental economists use cost-benefit analysis to estimate the value of environmental resources. President Ronald Reagan's order in 1981 required federal agencies to weigh the costs and benefits of proposed regulations. Every administration since Reagan has endorsed using cost-benefit analysis. Studies by the EPA have shown that the benefits of the Clean Act outweigh the costs. Outdoor recreation adds $373 billion to the US economy yearly. Economists measure the economic value of outdoor recreation through direct expenditures and also the value that people place on the environment itself. A study estimated that visitors to Southern California beaches would be willing to pay $29.5 million to reduce marine debris by 25%. Harmful algal blooms in Lake Erie cause beach closures and drinking water bans. A study estimated that reducing these outbreaks would save swimmers, boaters, and fishermen $800,000 to $970,000 per year. The BP Deepwater Horizon oil spill caused a 9% drop in trips to Northwest Florida beaches, resulting in economic losses of $252 million to $332 million. Putting a price on natural resources has encouraged decision-makers to recognize their finite nature and design policies and regulations that benefit all.
#CleanBeach #EnvironmentalEconomics #CostbenefitAnalysis #OutdoorRecreation #MarineDebris #HarmfulAlgalBlooms #LakeErie #BpOilSpill #NaturalResources
https://www.yahoo.com/news/value-clean-beach-economists-numbers-140636247.html