@article{Morteza:256513,
      recid = {256513},
      author = {Morteza Chalak and Veronique Florec and Atakelty Hailu and  Fiona Gibson and David Pannell},
      title = {Integrating non-market values in economic analyses of  flood mitigation: a case study of the Brown Hill and  Keswick creeks catchment in Adelaide},
      address = {2017-04-26},
      number = {1786-2017-397},
      series = {WP1702},
      pages = {48},
      year = {2017},
      abstract = {This study undertakes an economic analysis of flood  mitigation options for a high flood risk catchment in  Adelaide, South Australia: the Brown Hill and Keswick  creeks catchment. Several proposals for flood mitigation  investments have been presented, including creek capacity  upgrades, high flow bypass culverts and detention dams. For  flood managers to know which option or options provide the  best value for money, it is necessary to compare the costs  and the benefits of all available options. To date,  economic analyses have focused primarily on estimating the  tangible (market) costs and benefits of mitigation  strategies, but have largely ignored the intangible  (non-market) costs and benefits. This analysis improves  upon previous studies by conducting a cost benefit analysis  that incorporates the intangible costs and benefits of  mitigation. We used the benefit transfer method to include  eight different intangible values that can be affected by  floods or by the implementation of the proposed mitigation  options. We found that for this particular case study in  the Brown Hill and Keswick creeks catchment, the inclusion  of intangible values does not change the results of the  analysis significantly; the results with and without  intangibles are relatively similar. This is because  intangible values are relatively small compared to the  potential tangible flood damages as intangible value losses  represent only between 6 and 21% of total damages. In order  to better understand people's preferences and the  trade-offs they make, a survey based nonmarket valuation  research would need to be conducted amongst the residents  at risk of flooding. Such a study would provide values that  are specific to the catchment and could be compared with  the intangible values from the literature that have been  assembled for this study.},
      url = {http://ageconsearch.umn.edu/record/256513},
      doi = {https://doi.org/10.22004/ag.econ.256513},
}