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Wiley InterScience | ||||||||||
  Journal of Economic SurveysVolume 21 Issue 1, Pages 1 - 24 Published Online: 25 Jan 2007 Journal compilation © 2010 Blackwell Publishing Ltd
Abstract | References | Full Text: HTML, PDF (Size: 528K) | Related Articles | Citation Tracking  CALCULATING TRAGEDY: ASSESSING THE COSTS OF TERRORISM Copyright 2007 The Author Journal compilation © 2007 Blackwell Publishing Ltd KEYWORDS Foreign direct investment • Life satisfaction • National income • Savings and consumption • Stock market • Subjective well-being • Terrorism • Tourism ABSTRACTAbstract. The trends and consequences of terrorist activities are often captured by counting the number of incidents and casualties. More recently, the effects of terrorist acts on various aspects of the economy have been analyzed. These costs are surveyed and put in perspective. As economic consequences are only a part of the overall costs of terrorism, possible approaches for estimating the utility losses of the people affected are discussed. Results using the life satisfaction approach, in which individual utility is approximated by self-reported subjective well-being, suggest that people's utility losses may far exceed the purely economic consequences. | 
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