Physical Sciences and Mathematics Commons^™

Valuation Of Drought Information: Understanding The Value Of The Us Drought Monitor In Land Management, Tingting Liu, Richard Krop, Tonya Haigh, Kelly Helm Smith, Mark D. Svoboda

Drought Mitigation Center: Faculty Publications

Droughts affect recreation and tourism, grazing, forests, and timber, and can have important indirect effects for the ecosystems and species that rely on water. Despite its importance, the effect of drought in the land management sector is less understood than in other water-intensive sectors, such as agriculture and public water supplies. This study presents the first-ever estimates of the economic valuation of the information provided by the U.S. Drought Monitor using the avoided cost method. These estimates are based on the time and labor saved by using the U.S. Drought Monitor rather than compiling drought-related information from other sources, or …