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

Hanley, N. , Hynes, S., Patterson, D. and Jobstvogt, N. (2015) Economic valuation of marine and coastal ecosystems: is it currently fit for purpose? Journal of Ocean and Coastal Economics, 2(1), 1. (doi: 10.15351/2373-8456.1014)

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.

• Item Type: Articles
• Status: Published
• Refereed: Yes
• Glasgow Author(s) Enlighten ID: Hanley, Professor Nicholas
• Authors: Hanley, N., Hynes, S., Patterson, D., and Jobstvogt, N.
• College/School: College of Medical Veterinary and Life Sciences > School of Biodiversity, One Health & Veterinary Medicine
• Journal Name: Journal of Ocean and Coastal Economics
• Publisher: bepress
• ISSN (Online): 2373-8456
• Copyright Holders: Copyright © 2015 The Authors
• First Published: First published in Journal of Ocean and Coastal Economics 2:1
• Publisher Policy: Reproduced under a Creative Commons License