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Calculating Tragedy: Assessing the Costs of Terrorism


Frey, Bruno S; Luechinger, Simon; Stutzer, Alois (2004). Calculating Tragedy: Assessing the Costs of Terrorism. Working paper series / Institute for Empirical Research in Economics No. 205, University of Zurich.

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 costsnof 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 lossesnmay far exceed the purely economic consequences."

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 costsnof 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 lossesnmay far exceed the purely economic consequences."

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Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Economics
Working Paper Series > Institute for Empirical Research in Economics (former)
Dewey Decimal Classification:330 Economics
Language:English
Date:September 2004
Deposited On:29 Nov 2011 22:32
Last Modified:12 Aug 2017 12:56
Series Name:Working paper series / Institute for Empirical Research in Economics
ISSN:1424-0459
Official URL:http://www.econ.uzh.ch/wp.html

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