On the environmental valuation of catastrophe: revisiting mining disasters in the United Kingdom, 1851-1962

Holloway, G. ORCID: https://orcid.org/0000-0002-2058-4504 (2013) On the environmental valuation of catastrophe: revisiting mining disasters in the United Kingdom, 1851-1962. Environmental Economics, 4 (4). pp. 19-32. ISSN 1998-6041

Abstract/Summary

In the context of environmental valuation of natural disasters, an important component of the evaluation procedure lies in determining the periodicity of events. This paper explores alternative methodologies for determining such periodicity, illustrating the advantages and the disadvantages of the separate methods and their comparative predictions. The procedures employ Bayesian inference and explore recent advances in computational aspects of mixtures methodology. The procedures are applied to the classic data set of Maguire et al (Biometrika, 1952) which was subsequently updated by Jarrett (Biometrika, 1979) and which comprise the seminal investigations examining the periodicity of mining disasters within the United Kingdom, 1851-1962.