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What Is A Wetland Worth? Concepts And Issues In Economic Valuation

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  • Taff, Steven J.

Abstract

A wetland has no economic value in and of itself. Nor does it have a unique value, irrespective of context. Economic value is ascribed to a wetland by humans operating at a confluence of individual preferences, property rights, technological opportunities, and available resources. Such values are not generally reflected in market prices, a deficiency that can nonetheless addressed by competent economic analysis, using a variety of empirical techniques. The task is complicated by scientific information shortfalls, by ever-changing technologies and economies, and by evolving societal preferences--but it can be done. Economic valuations have been used in wetland priority rankings and in comparative investment analyses.

Suggested Citation

  • Taff, Steven J., 1992. "What Is A Wetland Worth? Concepts And Issues In Economic Valuation," Staff Papers 13878, University of Minnesota, Department of Applied Economics.
    • Handle: RePEc:ags:umaesp:13878
    DOI: 10.22004/ag.econ.13878
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    References listed on IDEAS

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    1. John P. Hoehn, 1991. "Valuing the Multidimensional Impacts of Environmental Policy: Theory and Methods," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(2), pages 289-299.
    2. Lupi, Frank & Graham-Tomasi, Theodore & Taff, Steven J., 1991. "A Hedonic Approach To Urban Wetland Valuation," Staff Papers 13284, University of Minnesota, Department of Applied Economics.
    3. Costanza, Robert & Farber, Stephen C. & Maxwell, Judith, 1989. "Valuation and management of wetland ecosystems," Ecological Economics, Elsevier, vol. 1(4), pages 335-361, December.
    4. Heimlich, Ralph E., 1991. "A National Policy of "No Net Loss" of Wetlands: What Do Agricultural Economists Have to Contribute?," Staff Reports 278596, United States Department of Agriculture, Economic Research Service.
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