A Valuation Analysis of the Physical Oceanographic Real Time System (PORTS)

Authors

K. Eric Wolfe, Dept of Commerce/NOAA/NOS/AAMBFollow
David MacFarland, NOAA (Retired)Follow

Document Type

Application Notes

Abstract

This analysis estimates several economic benefits derived from national implementation of the National Oceanic and Atmospheric Administration’s Physical Oceanographic Real-Time System (PORTS®) at the 175 largest ports in the United States. Significant benefits were observed owing to: (1) lower commercial marine accident rates and resultant reductions in morbidity, mortality and property damage; (2) reduced pollution remediation costs; and, (3) increased productivity associated with operation of more fully loaded commercial vessels. Evidence also suggested additional benefits from heightened commercial and recreational fish catch and diminished recreational boating accidents. Annual gross benefits from 58 current PORTS® locations exceeded $217 million with an addition $83 million possible if installed at the largest remaining 117 ports in the United States. Over the ten-year economic life of PORTS® instruments, the present value for installation at all 175 ports could approach $2.5 billion.

Recommended Citation

Wolfe, K. Eric and MacFarland, David (2016) "A Valuation Analysis of the Physical Oceanographic Real Time System (PORTS)," Journal of Ocean and Coastal Economics: Vol. 3: Iss. 1, Article 12.
DOI: https://doi.org/10.15351/2373-8456.1058

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 License.