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The valuation of marine ecosystem goods and services in the Caribbean: A literature review and framework for future valuation efforts

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  • Schuhmann, Peter W.
  • Mahon, Robin

Abstract

This paper reviews economic valuation of marine ecosystem services in the Wider Caribbean Region (WCR) for the three major marine ecosystems addressed by the Caribbean Large Marine Ecosystem (CLME) Project: reef, pelagic and continental shelf. A review of over 200 value estimates suggests that marine economic valuations in the WCR have focused on a limited number of benefits derived from marine ecosystems, primarily those that are relatively easy to measure and convey, such as recreation opportunities in protected areas, and benefits that are ascribed to easily measured market indicators. Values associated with reefs have received far more attention than those associated with the pelagic or shelf ecosystems. The economic impacts of overfishing remain largely unexplored. Regulating and maintenance services provided by the marine ecosystems of the WCR have been recognized as important, but have not been linked to valuation. Finally, estimates of non-use values for WCR marine ecosystem goods and services are few. It is suggested that future work on valuation be coordinated among countries and agencies so that gaps can be prioritized and valuation studies can be directed toward a more comprehensive understanding of the full value of the goods and services provided by marine ecosystems in the WCR.

Suggested Citation

  • Schuhmann, Peter W. & Mahon, Robin, 2015. "The valuation of marine ecosystem goods and services in the Caribbean: A literature review and framework for future valuation efforts," Ecosystem Services, Elsevier, vol. 11(C), pages 56-66.
  • Handle: RePEc:eee:ecoser:v:11:y:2015:i:c:p:56-66
    DOI: 10.1016/j.ecoser.2014.07.013
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    Cited by:

    1. Tanner, Michael K. & Moity, Nicolas & Costa, Matthew T. & Marin Jarrin, Jose R. & Aburto-Oropeza, Octavio & Salinas-de-León, Pelayo, 2019. "Mangroves in the Galapagos: Ecosystem services and their valuation," Ecological Economics, Elsevier, vol. 160(C), pages 12-24.
    2. Wam, Hilde Karine & Bunnefeld, Nils & Clarke, Nicholas & Hofstad, Ole, 2016. "Conflicting interests of ecosystem services: Multi-criteria modelling and indirect evaluation of trade-offs between monetary and non-monetary measures," Ecosystem Services, Elsevier, vol. 22(PB), pages 280-288.
    3. Acharya, Ram Prasad & Maraseni, Tek & Cockfield, Geoff, 2019. "Global trend of forest ecosystem services valuation – An analysis of publications," Ecosystem Services, Elsevier, vol. 39(C).
    4. Buonocore, Elvira & Picone, Flavio & Donnarumma, Luigia & Russo, Giovanni F. & Franzese, Pier Paolo, 2019. "Modeling matter and energy flows in marine ecosystems using emergy and eco-exergy methods to account for natural capital value," Ecological Modelling, Elsevier, vol. 392(C), pages 137-146.
    5. Pascoe, Sean & Doshi, Amar & Kovac, Mladen & Austin, Angelica, 2019. "Estimating coastal and marine habitat values by combining multi-criteria methods with choice experiments," Ecosystem Services, Elsevier, vol. 38(C), pages 1-1.
    6. Jiang, Wei, 2017. "Ecosystem services research in China: A critical review," Ecosystem Services, Elsevier, vol. 26(PA), pages 10-16.
    7. Delgado, Luisa E. & Marín, Víctor H., 2016. "Well-being and the use of ecosystem services by rural households of the Río Cruces watershed, southern Chile," Ecosystem Services, Elsevier, vol. 21(PA), pages 81-91.

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