Consistent measurement of economic losses of a natural disaster considering the effect of change in price

Abstract

In order to evaluate the overall economic impact of a natural disaster considering the recovery process, attention needs to be paid to the problem of double counting of economic losses. For this purpose, it is necessary to answer the following research questions: (1) how does a natural disaster impact the economy at each phase of the disaster and recovery, and (2) how do you consistently evaluate overall economic losses of all stakeholders during the recovery process. Methods for avoiding double counting of losses are referred to as “consistent measurement” of economic losses and have been increasingly studied recently. This paper aims to extend the consistent measurement method considering the effect of price change in consumer goods and services, and demonstrates how to consistently measure the overall economic losses stemming from a natural disaster. It concludes that the overall losses can be measured consistently by adding the cost of recovery, forgone profit, and decrease in the value of income transfer due to a price change.

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