We are a group of researchers from the Centre for Environmental Economics and Policy (CEEP) at the University of Western Australia. The primary aim of our Centre is to improve the management of Australia’s environment through research that leads to more appropriate and effective environmental public policy.
Part of our research focuses on assigning dollar values to intangibles (non-market values), through surveys that elicit people’s preferences. We call this technique non-market valuation. Surveys in non-market valuation studies use hypothetical scenarios where respondents have to make trade-offs between how much they are willing to pay for some improvement, or set of improvements, in the non-market (or intangible) good that is being valued.
Using our extensive expertise in non-market valuation, we have have done a thorough review of the literature and have selected the most relevant studies for natural hazards to be included in the Value Tool.
We are also part of the Bushfire and Natural Hazards Cooperative Research Centre (BNHCRC), who have funded this research and the development of the Value Tool. See more information about our BNHCRC project on the economics of natural hazards here.