Abstract

This primer on economic theory, methods, and applications is primarily for members of the weather community. It is intended to increase their understanding of economic methods and their applicability in evaluating both the impacts of national meteorological and hydrological services (NMHS) and th... Show moreThis primer on economic theory, methods, and applications is primarily for members of the weather community. It is intended to increase their understanding of economic methods and their applicability in evaluating both the impacts of national meteorological and hydrological services (NMHS) and the associated benefits and costs of those services. To this end, the document (1) explains the concept and practice of an economic benefit-cost analysis (BCA); (2) discusses why conducting such economic analyses is important and useful; (3) offers guidance on how to conduct BCAs and document and communicate the inputs and outputs of such analyses; and (4) presents illustrations of economic analysis for NMHS projects in the form of case studies. Show less