The study aims to explore the main drivers influencing the economic appraisal of heat warning systems by integrating epidemiological modelling and benefit-cost analysis. To shed insights on heat wave mortality valuation, we consider three valuation schemes: (i) a traditional one, where the value of a statistical life (VSL) is applied to both displaced and premature mortality; (ii) an intermediate one, with VSL applied for premature mortality and value of a life year (VOLY) for displaced mortality; and (iii) a conservative one, where both premature and displaced mortality are quantified in terms of loss of life expectancy, and then valued using the VOLY approach. When applying these three schemes to Madrid (Spain), we obtain a benefit-cost ratio varying from 12 to 3700
While every society can be exposed to heatwaves, some people suffer far less harm and recover more quickly than others from their occurrence. Here we project indicators of global heatwave risk associated with global warming of 1.5 and 2 °C, specified by the Paris agreement, for two future pathways of societal development representing low and high vulnerability conditions.
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