Economic valuation of marine and coastal ecosystems : is it currently fit for purpose?
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In this paper, we consider whether the current “state of the art” of environmental valuation is suitable for producing policy-relevant estimates of the benefits or costs of changes in marine and coastal ecosystems. We review recent changes in European legislation which has meant an increasing demand for economic valuation from the policy and regulatory community. The next section considers, at a more conceptual level, whether the economic “toolbox” and scientific evidence is up to the task of meeting the demand for more evidence-based policy. Finally, three case studies are used to explore the nature of the valuation task and review what is currently known. These case studies are of salt-marsh restoration, marine renewable energy investments, and deep sea conservation.
Hanley , N , Hynes , S , Patterson , D & Jobstvogt , N 2015 , ' Economic valuation of marine and coastal ecosystems : is it currently fit for purpose? ' , Journal of Ocean and Coastal Economics , vol. 2 , no. 1 , 1 . https://doi.org/10.15351/2373-8456.1014
Journal of Ocean and Coastal Economics
Copyright © 2019 The Author(s). This work is licensed under a Creative Commons Attribution 4.0 License.
DescriptionDMP acknowledges the support of the NERC CBESS consortium (Coastal Biodiversity and Ecosystem Service Sustainability: NE/J015644/1). DMP, NJ and NH acknowledge the support of the MASTS pooling initiative (The Marine Alliance for Science and Technology for Scotland). MASTS is funded by the Scottish Funding Council (grant reference HR09011) and contributing institutions. SH also acknowledges the support of the Beaufort Marine Research Award through the Irish Marine Institute.
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