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Calculating tragedy: Assessing the costs of terrorism


Frey, Bruno S; Luechinger, Simon; Stutzer, Alois (2007). Calculating tragedy: Assessing the costs of terrorism. Journal of Economic Surveys, 21(1):1-24.

Abstract

The trends and consequences of terrorist activities are often captured by counting the number of incidents and casualties. More recently, the effects of terrorist acts on various aspects of the economy have been analyzed. These costs are surveyed and put in perspective. As economic consequences are only a part of the overall costs of terrorism, possible approaches for estimating the utility losses of the people affected are discussed. Results using the life satisfaction approach, in which individual utility is approximated by self-reported subjective well-being, suggest that people’s utility losses may far exceed the purely economic consequences.

The trends and consequences of terrorist activities are often captured by counting the number of incidents and casualties. More recently, the effects of terrorist acts on various aspects of the economy have been analyzed. These costs are surveyed and put in perspective. As economic consequences are only a part of the overall costs of terrorism, possible approaches for estimating the utility losses of the people affected are discussed. Results using the life satisfaction approach, in which individual utility is approximated by self-reported subjective well-being, suggest that people’s utility losses may far exceed the purely economic consequences.

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83 citations in Web of Science®
105 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:February 2007
Deposited On:10 Jun 2008 08:57
Last Modified:05 Apr 2016 12:23
Publisher:Wiley-Blackwell
ISSN:0950-0804
Additional Information:The definitive version is available at www.blackwell-synergy.com
Publisher DOI:10.1111/j.1467-6419.2007.00505.x
Permanent URL: http://doi.org/10.5167/uzh-2553

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