Economic Gains From Storm Warnings

Two Florida Case Studies

by Harold Demsetz


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A discussion of the economic gains expected from improvements in locating and tracking tropical storms that should be one result of routine observations from meteorological satellites. Two cases are studied: the City of Miami and the Florida Power and Light Company. Improved tracking of tropical storms should yield information of substantial economic value if it is used correctly. It also appears that the economic gains derivable from existing weather information are not always realized. These conclusions suggest the possibility that better weather information and improved forecasts might induce firms to capture not only additional economic gains, but also those that are already realizable.

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