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Economic valuation of marine and coastal ecosystems : is it currently fit for purpose?

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Hanley_2015_Economicvaluation_CC.pdf (695.5Kb)
Date
05/10/2015
Author
Hanley, Nick
Hynes, Stephen
Patterson, David
Jobstvogt, Niels
Keywords
GE Environmental Sciences
HB Economic Theory
T-NDAS
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Abstract
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.
Citation
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
Publication
Journal of Ocean and Coastal Economics
Status
Peer reviewed
DOI
https://doi.org/10.15351/2373-8456.1014
ISSN
2373-8456
Type
Journal article
Rights
Copyright © 2019 The Author(s). This work is licensed under a Creative Commons Attribution 4.0 License.
Description
DMP 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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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/16980

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