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LOCATION:London School of Economics\, Tower 2\, Room 9.04
DESCRIPTION:<h3>Grantham seminar introduced and chaired by Karlygash Kuralbayeva\, Research Officer at the Grantham Research Institute</h3>
Samuel Wills\, ESRC Future Research Leaders Fellow at Oxford University\, will present his new paper '<a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016170.pdf">Natural Assets: Surfing a Wave of Economic Growth</a>' co-authored with Thomas McGregor.

<strong>Abstract:</strong> Many natural assets can not be valued at market prices. Non-market valuations typically focus on the value of an individual asset to an individual user\, ignoring macroeconomic spillovers. We estimate the contribution of a natural asset to aggregate economic activity by exploiting exogenous variation in the quality of surfing waves around the world\, using a global dataset covering over 5\,000 locations. Treating night-time light emissions as a proxy for economic activity we find that high quality surfing waves boost activity in the local area (<5km)\, relative to comparable locations with low quality waves\, by 0.15-0.28 log points from 1992-2013. This amounts to between US$ 18-22 million (2011 PPP) per wave per year\, or $50 billion globally. The effect is most pronounced in emerging economies. Surfing helps reduce extreme rural poverty\, by encouraging people to nearby towns. When a wave is discovered by the international community\, economic growth in the area rises by around 3%.
URL;VALUE=URI:http://www.lse.ac.uk/GranthamInstitute/event/naturalassetssamuelwills/
SUMMARY:Grantham Seminar | Natural assets: surfing a wave of economic growth
DTSTART;TZID=Europe/London:20160525T123000
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