The Value of Remotely Sensed Information: The Case of a GRACE-Enhanced Drought Severity IndexView Journal Article
A decision framework is developed for quantifying the economic value of information (VOI) from the Gravity Recovery and Climate Experiment (GRACE) satellite mission for drought monitoring, with a focus on the potential contributions of groundwater storage and soil moisture measurements from the GRACE Data Assimilation (GRACE-DA) System. The study consists of: (a) the development of a conceptual framework to evaluate the socioeconomic value of GRACE-DA as a contributing source of information to drought monitoring; (b) structured listening sessions to understand the needs of stakeholders who are affected by drought monitoring; (c) econometric analysis based on the conceptual framework that characterizes the contribution of GRACE-DA to the US Drought Monitor (USDM) in capturing the effects of drought on the agricultural sector; and (d) a demonstration of how the improved characterization of drought conditions may influence decisions made in a real-world drought disaster assistance program. Results show that GRACE-DA has the potential to lower the uncertainty associated with our understanding of drought, and that this improved understanding has the potential to change policy decisions that lead to tangible societal benefits.
Richard L. Bernknopf
Richard L. Bernknopf is a a visiting research fellow at RFF and research professor in the Department of Economics at the University of New Mexico.
Yusuke Kuwayama is a fellow at RFF and an assistant professor in the School of Public Policy at the University of Maryland, Baltimore County.
Senior Research Associate and GIS Research Coordinator
Alexandra Thompson is a Senior Research Associate and the GIS Coordinator at RFF and an expert on using spatial data to address environmental and socioeconomic challenges.
On the Issues — Nov 10, 2023
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A biweekly newsletter connecting global current events, pressing climate and energy policy news, and economics research from RFF scholars. This week: Renewable Energy Headwinds, Electric Grid Upgrades, and More.
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