4 Accounts and the Role of RED & OSE Economic Analysis -- Water Resources Planning March 23, 2009.

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4 Accounts and the Role of RED & OSE Economic Analysis -- Water Resources Planning March 23, 2009

RED Account

Regional Economic Development (RED) Very little details of RED analysis in P & G The regional economic development (RED) account registers changes in the distribution of regional economic activity that result from each alternative plan. Evaluations of regional effects are to be carried out using nationally consistent projections of income, employment, output and population. “Display of RED (and OSE) is discretionary” EC Redirects Corps from NED-focused formulation, evaluation and comparison Lots of interest throughout the Econ Sub-CoP

Regional Economic Development (RED) Typically regional economic impacts of a project can be classified into one of three categories: Direct effects which represent the initial change of the new expenditure stream on industries in direct support of the new project. These ‘direct’ industries will require support. Indirect effects are changes in inter-industry transactions as supplying industries respond to new demands placed on them by ‘direct’ industries. Induced effects are changes in consumer spending patterns caused by increases in employment and income as ‘direct’ and ‘indirect’ industries increase their employment.

RED Handbook Explains the concepts of Regional Economic Development (multiplier effects, input-output analysis) Provides a list of tools and models for economists in the field

OSE Account

Other Social Effects (OSE) Account Defined in the P & G as: The other social effects (OSE) account registers plan effects from perspectives that are relevant to the planning process, but are not reflected in the other three accounts. Display of the national economic development and environmental quality accounts is required. Display of the regional economic development and other social effects accounts is discretionary. Categories of effects include: Urban & community impacts; life, health, and safety factors; productivity and energy requirements and energy conservation Measurement: Effects on income, employment, and population distribution, fiscal condition, energy requirements, and energy conservation may be reported on a positive or negative basis. Effects on life, health, and safety may be reported as either beneficial or adverse. Other effects may be reported on either a positive/negative basis or a beneficial/adverse basis.

Other Social Effects (OSE) Account Community’s Resiliency & Vulnerability Quality of Life Indicators Solid academic literature Widely used Recommended by GAO Models Loss of Life Estimation Bureau of Reclamation United Kingdom’s Dept of Environment, Flood & Rural Affairs LIFESim model

Weighting the 4 Accounts Evaluating & Comparing Plans Predetermined by policy Predetermined preferences with flexible options Elicitation-based weights Normalize and perform trade-off analysis