Economic Valuation of Environmental Damages due to the Prestige Oil Spill in Spain |
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Authors: | Maria L Loureiro John B Loomis Maria Xosé Vázquez |
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Institution: | (1) Department of Agricultural Economics, School of Agriculture, Aristotle University of Thessaloniki, P.O. Box 232, 54 124 Thessaloniki, Greece |
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Abstract: | This paper presents a parametric and non-parametric analysis of data from a contingent valuation study (CVM) conducted to
estimate environmental use and passive use losses due to the Prestige oil spill. This is the first CVM study conducted in
Europe after a large oil spill. The CVM survey was implemented using in person interviews. Mean willingness to pay (WTP) values
were computed with both, a parametric and non-parametric approach. Parametric WTP estimation indicates that respondents in
the sample are willing to pay about 40.51 € per household to avoid a similar future oil spill in Spain. This implies that
on average, the Spanish society places a value of the environmental losses caused by the Prestige oil spill around 574 € million.
Non-parametric estimates are slightly higher at 58.08 € per household. WTP results are similar to those obtained in the Exxon
Valdez study. |
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Keywords: | |
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