Quantifying the costs of drought: New evidence from life satisfaction data

Carroll, Nick, Frijters, Paul and Shields, Michael A. (2009) Quantifying the costs of drought: New evidence from life satisfaction data. Journal of Population Economics, 22 2: 445-461. doi:10.1007/s00148-007-0174-3

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Author Carroll, Nick
Frijters, Paul
Shields, Michael A.
Title Quantifying the costs of drought: New evidence from life satisfaction data
Journal name Journal of Population Economics   Check publisher's open access policy
ISSN 0933-1433
1432-1475
Publication date 2009-04
Year available 2007
Sub-type Article (original research)
DOI 10.1007/s00148-007-0174-3
Volume 22
Issue 2
Start page 445
End page 461
Total pages 7
Place of publication Heidelberg, Germany
Publisher Springer
Language eng
Abstract We estimate the cost of droughts by matching rainfall data with individual life satisfaction. Our context is Australia over the period 2001 to 2004, which included a particularly severe drought. Using fixed-effect models, we find that a drought in spring has a detrimental effect on life satisfaction equivalent to an annual reduction in income of A$18,000. This effect, however, is only found for individuals living in rural areas. Using our estimates, we calculate that the predicted doubling of the frequency of spring droughts will lead to the equivalent loss in life satisfaction of just over 1% of GDP annually.
Keyword Drought
Life satisfaction
Income-equivalence
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Non-UQ
Additional Notes Published online: 2 October 2007

Document type: Journal Article
Sub-type: Article (original research)
Collections: ERA 2012 Admin Only
School of Economics Publications
 
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Citation counts: TR Web of Science Citation Count  Cited 55 times in Thomson Reuters Web of Science Article | Citations
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Created: Mon, 26 Sep 2011, 15:25:18 EST by Alys Hohnen on behalf of School of Economics