{"id":18433,"date":"2016-03-18T14:24:00","date_gmt":"2016-03-18T14:24:00","guid":{"rendered":"https:\/\/www.lse.ac.uk\/granthaminstitute\/?post_type=event&p=18433"},"modified":"2023-03-17T15:40:30","modified_gmt":"2023-03-17T15:40:30","slug":"naturalassetssamuelwills","status":"publish","type":"event","link":"https:\/\/www.lse.ac.uk\/granthaminstitute\/events\/naturalassetssamuelwills\/","title":{"rendered":"Grantham Seminar | Natural assets: surfing a wave of economic growth"},"content":{"rendered":"\n

Grantham seminar introduced and chaired by Karlygash Kuralbayeva, Research Officer at the Grantham Research Institute<\/h3>\n

Samuel Wills, ESRC Future Research Leaders Fellow at Oxford University, will present his new paper ‘Natural Assets: Surfing a Wave of Economic Growth’ co-authored with Thomas McGregor.<\/p>\n

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%.<\/p>\n\n","protected":false},"excerpt":{"rendered":"\n

Grantham seminar introduced and chaired by Karlygash Kuralbayeva, Research Officer at the Grantham Research Institute Samuel Wills, ESRC Future Research Leaders Fellow…<\/p>\n\n","protected":false},"author":12,"featured_media":0,"template":"","tags":[928,929],"event-type":[381],"topic_area":[],"class_list":["post-18433","event","type-event","status-publish","hentry","tag-natural-assets","tag-non-market-valuations","event-type-seminars"],"acf":{"exclude_from_sync":{"ref_value":"field_560538b0e7350","value":"0","type":false,"post_type":""},"start_date":{"ref_value":"field_52f56b18a98ba","value":"20160525","type":false,"post_type":""},"start_time":{"ref_value":"field_52f56b33a98bb","value":"1464093000","type":false,"post_type":""},"end_date":{"ref_value":"field_52f56bb58f239","value":"20160525","type":false,"post_type":""},"end_time":{"ref_value":"field_52f56bd38f23a","value":"1464098400","type":false,"post_type":""},"event_venue":{"ref_value":"field_531c65c575d35","value":"London School of Economics, Tower 2, Room 9.04","type":false,"post_type":""},"external_speaker":{"ref_value":"field_5374dcb208782","value":"Samuel Wills","type":false,"post_type":""},"eventbrite_link":{"ref_value":"field_52f59e0b20728","value":"","type":false,"post_type":""},"location":{"ref_value":"field_559cf9dc612b6","value":"a:3:{s:7:\"address\";s:30:\"Clement's Inn, London WC2R, UK\";s:3:\"lat\";s:17:\"51.51381278131833\";s:3:\"lng\";s:20:\"-0.11545363201594228\";}","type":"array","post_type":""},"rss_newsletter":{"ref_value":"field_54f5c2c1544d8","value":"","type":false,"post_type":""},"profile_link":{"ref_value":"field_52f164b5189e9","value":["karlygash-kuralbayeva"],"type":"relationship","post_type":"profile"},"spotlight":{"ref_value":"field_52f80896506d3","value":"","type":false,"post_type":""}},"yoast_head":"\nGrantham Seminar | Natural assets: surfing a wave of economic growth - 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