The Economics of Volcanoes
Pascale Phelinas  1, 2, 3@  , Johanna Choumert Nkolo  4@  , Anaïs Lamour  5@  
1 : Centre d'études et de recherches sur le developpement international  (CERDI)  -  Site web
CNRS : UMR6587, Université d'Auvergne - Clermont-Ferrand I
65 Bvd Francois Mitterrand - BP 320 63009 CLERMONT FERRAND CEDEX 1 -  France
2 : Centre d'Etudes en Sciences Sociales sur les Mondes Africains, Américains et Asiatiques  (CESSMA)
Université Paris VII - Paris Diderot, Institut de Recherche pour le Développement - IRD (FRANCE)
Université Paris Diderot, Bât. Olympe de Gouges, case postale 7017, 75205 Paris cedex 13 -  France
3 : Institut de Recherche pour le Développement  (IRD)  -  Site web
Institut de Recherche pour le Développement
Adresse du siège - Le Sextant 44, bd de Dunkerque, CS 90009 13572 Marseille cedex 02 -  France
4 : EDI Global
UCA (Université Clermont Auvergne) et CNRS

Volcanic hazards pose a potential threat to 8% of the world's population, yet the economic literature on their short- and long-term consequences on household behavior and economic development is still in its infancy. In this article, we present the state of the literature and highlight knowledge gaps and methodological challenges inherent to the economic analysis of volcanic hazards and disasters. We first present the physical aspects of volcanic activity and describe available physical data. We then examine the concepts related to cost assessment of volcanic disasters. Finally, we discuss key micro and macroeconomic research questions economists should investigate and identify relevant methodological and data challenges. By highlighting research gaps in the “economics of volcanoes”, we provide future avenues of research that will address policy-relevant debates in the context of greater focus on risk mitigation, adaptation, and resilience policies aimed at mitigating natural hazards and disasters.

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