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Discounting in Natural Resource Damage Assessment

Abstract

The goal of natural resource damage assessment (NRDA) is to compensate the public for losses to natural resources from past or ongoing hazardous releases, including losses that may persist into the future. Compensation is delivered in the form of restoration projects. Resolving NRDA liability requires balancing losses and restoration benefits over multiple decades and converting them into a present value for calculating appropriate damages. For the past two decades, NRDA practitioners have used a real discount rate of 3 % to convert losses and benefits to a present value equivalent. That rate was based, in part, on real historical yields on risk-free debt (e.g., the real rate of return on 3-month Treasury bills). Declining interest rates on risk-free debt in recent years has led to suggestions to reexamine the historical consensus discount rate. This paper reviews two alternative conceptual paradigms for selecting a discount rate in NRDA cases: the social rate of time preference and discount rates for tort cases. We summarize historical data for empirically implementing the two paradigms and discuss the ramifications of the different options. Based on our review, we suggest maintaining the 3 % consensus as a practical solution to a range of empirical candidates within the two conceptual paradigms.

article Article

date_range 2023

language English

link Link of the paper

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Horsch Eric

Phaneuf Daniel

Giguere Chris

Murray Jason

Duff Cameron

Kroninger Cole

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Featured Keywords

Environment

Risk and uncertainty

Law and regulation

Natural Resource Damage Assessment

Discounting

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Assessment of reinforced concrete building damages following the Kahramanmaraş earthquakes in Malatya, Turkey (February 6, 2023)

Abstract

Earthquakes of magnitude Mw = 7.7 and Mw = 7.6 hit the city of Kahramanmaraş (Turkey) on 6 February 2023. These earthquakes caused serious damage in 11 provinces in Turkey resulting in over 50,000 deaths and huge economic losses with the collapse of thousands of buildings. Two consecutive devastating earthquakes have severely damaged the reinforced concrete building stock located in Malatya. There are many reasons reinforced concrete structures suffer damage under the influence of seismic loads. These reasons can be listed as material and section properties that do not comply with earthquake codes, workmanship defects, ground parameters that are not considered and design errors, as seen in field investigations after earthquakes in Turkey in the past. In this research, a field study was conducted on reinforced concrete buildings damaged after the earthquakes in Malatya province. The causes of structural damages in reinforced concrete buildings between 6–26 years of age were assessed in terms of design and material defects. The structural damages were mainly caused due to insufficient stirrups in structural members, short column, strong beam–weak column, failures of infill walls, soft story type collapse, poor concrete quality, and reinforcement corrosion. In addition to the field investigation, the spectrum relationships created using raw acceleration data obtained from DEMP (Disaster and Emergency Management Presidency) stations in Malatya province were compared with the design response spectra.

article Article

date_range 2024

language English

link Link of the paper

Collapsed buildings

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