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Estimating Economic Values for Nature presents, in one volume, a collection of V. Kerry Smith's papers prepared over 25 years dealing with the theory and practice of non-market valuation for environmental resources. Taken together, the papers explore the conceptual basis, the implementation process and empirical performance of all available methods of measuring economic values for the services of nature and how these values are constructed from people's choices. The issues discussed in this volume include travel cost recreation demand, averting behaviour, household production, hedonic property value, hedonic wage and contingent valuation methods. These essays describe what has been learned from past benefit analysis, using meta-analysis, as well as the issues at the frontier of current research in the area. This important volume will be welcomed by environmental and public economists, as well as practitioners of cost-benefit analysis, as an authoritative and comprehensive discussion of non-market valuation.
Public involvement with the management and use of wetlands resources has stimulated interest in obtaining monetary evaluation of the nonmarket ecological services of wetlands in order to better weigh the benefits and costs of altering wetlands. The most prominent study to date that evaluates wetlands is Gosselink, Odum and Pope's (GOP) The Value of the Tidal Marsh. There are, however, serious problems with that study that have not been recognized by the current users of those estimates. This report is a critique of the methodology used in the Value of the Tidal Marsh; it identifies the major conceptual errors in the methodology and demonstrates that there is reason to be skeptical of the estimates of the economic value of marshland.
On April 20, 2010, the Deepwater Horizon platform drilling the Macondo well in Mississippi Canyon Block 252 (DWH) exploded, killing 11 workers and injuring another 17. The DWH oil spill resulted in nearly 5 million barrels (approximately 200 million gallons) of crude oil spilling into the Gulf of Mexico (GoM). The full impacts of the spill on the GoM and the people who live and work there are unknown but expected to be considerable, and will be expressed over years to decades. In the short term, up to 80,000 square miles of the U.S. Exclusive Economic Zone (EEZ) were closed to fishing, resulting in loss of food, jobs and recreation. The DWH oil spill immediately triggered a process under the U.S. Oil Pollution Act of 1990 (OPA) to determine the extent and severity of the "injury" (defined as an observable or measurable adverse change in a natural resource or impairment of a natural resource service) to the public trust, known as the Natural Resources Damage Assessment (NRDA). The assessment, undertaken by the trustees (designated technical experts who act on behalf of the public and who are tasked with assessing the nature and extent of site-related contamination and impacts), requires: (1) quantifying the extent of damage; (2) developing, implementing, and monitoring restoration plans; and (3) seeking compensation for the costs of assessment and restoration from those deemed responsible for the injury. This interim report provides options for expanding the current effort to include the analysis of ecosystem services to help address the unprecedented scale of this spill in U.S. waters and the challenges it presents to those charged with undertaking the damage assessment.
The topics discussed in the Handbook on the Economics of Natural Resources are essential for those looking to understand how best to use and conserve the resources that form the foundation for human well-being. These include nonrenewable resources, mod
This book is a printed edition of the Special Issue "Climate Change, Coasts and Coastal Risk" that was published in JMSE