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Twenty Thousand Sterling Under the Sea: Estimating the value of protecting deep-sea biodiversity

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  • Hanley, Nicholas
  • Hynes, Stephen
  • Jobstvogt, Niels
  • Kenter, Jasper
  • Witte, Ursula

Abstract

The deep-sea includes over 90% of the world oceans and is thought to be one of the most diverse ecosystems in the World. It supplies society with valuable ecosystem services, including the provision of food, the regeneration of nutrients and the sequestration of carbon. Technological advancements in the second half of the 20th century made large-scale exploitation of mineral-, hydrocarbon- and fish resources possible. These economic activities, combined with climate change impacts, constitute a considerable threat to deep-sea biodiversity. Many governments, including that of the UK, have therefore decided to implement additional protected areas in their waters of national jurisdiction. To support the decision process and to improve our understanding for the acceptance of marine conservation plans across the general public, a choice experiment survey asked Scottish households for their willingness-to-pay for additional marine protected areas in the Scottish deep-sea. This study is one of the first to use valuation methodologies to investigate public preferences for the protection of deep-sea ecosystems. The experiment focused on the elicitation of economic values for two aspects of biodiversity: (i) the existence value for deep-sea species and (ii) the option-use value of deep-sea organisms as a source for future medicinal products.

Suggested Citation

  • Hanley, Nicholas & Hynes, Stephen & Jobstvogt, Niels & Kenter, Jasper & Witte, Ursula, 2013. "Twenty Thousand Sterling Under the Sea: Estimating the value of protecting deep-sea biodiversity," Stirling Economics Discussion Papers 2013-04, University of Stirling, Division of Economics.
  • Handle: RePEc:stl:stledp:2013-04
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    File URL: http://hdl.handle.net/1893/11210
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    1. Börger, Tobias & Hattam, Caroline & Burdon, Daryl & Atkins, Jonathan P. & Austen, Melanie C., 2014. "Valuing conservation benefits of an offshore marine protected area," Ecological Economics, Elsevier, vol. 108(C), pages 229-241.
    2. Bartkowski, Bartosz & Lienhoop, Nele & Hansjürgens, Bernd, 2015. "Capturing the complexity of biodiversity: A critical review of economic valuation studies of biological diversity," Ecological Economics, Elsevier, vol. 113(C), pages 1-14.
    3. Sandorf, Erlend Dancke & Aanesen, Margrethe & Navrud, Ståle, 2016. "Valuing unfamiliar and complex environmental goods: A comparison of valuation workshops and internet panel surveys with videos," Ecological Economics, Elsevier, vol. 129(C), pages 50-61.
    4. Hyder, Kieran & Rossberg, Axel G. & Allen, J. Icarus & Austen, Melanie C. & Barciela, Rosa M. & Bannister, Hayley J. & Blackwell, Paul G. & Blanchard, Julia L. & Burrows, Michael T. & Defriez, Emma & , 2015. "Making modelling count - increasing the contribution of shelf-seas community and ecosystem models to policy development and management," Marine Policy, Elsevier, vol. 61(C), pages 291-302.
    5. Knowles, John E. & Doyle, Emma & Schill, Steven R. & Roth, Lynnette M. & Milam, Amy & Raber, George T., 2015. "Establishing a marine conservation baseline for the insular Caribbean," Marine Policy, Elsevier, vol. 60(C), pages 84-97.
    6. Zanoli, Raffaele & Carlesi, Lorenzo & Danovaro, Roberto & Mandolesi, Serena & Naspetti, Simona, 2015. "Valuing unfamiliar Mediterranean deep-sea ecosystems using visual Q-methodology," Marine Policy, Elsevier, vol. 61(C), pages 227-236.
    7. Tobias Börger & Oliver Frör & Sören Weiß, 2017. "The relationship between perceived difficulty and randomness in discrete choice experiments: Investigating reasons for and consequences of difficulty," Discussion Papers in Environment and Development Economics 2017-03, University of St. Andrews, School of Geography and Sustainable Development.
    8. Norton, D. & Hynes, S., 2014. "A Choice Experiment Approach to assess the costs of degradation as specified by the EU Marine Strategy Framework Directive," Working Papers 186382, Socio-Economic Marine Research Unit, National University of Ireland, Galway.
    9. Hatton MacDonald, Darla & Ardeshiri, Ali & Rose, John M. & Russell, Bayden D. & Connell, Sean D., 2015. "Valuing coastal water quality: Adelaide, South Australia metropolitan area," Marine Policy, Elsevier, vol. 52(C), pages 116-124.
    10. Sophal Chhun & Viktoria Kahui & Henrik Moller & Paul Thorsnes, 2015. "Advancing Marine Policy Toward Ecosystem-Based Management by Eliciting Public Preferences," Marine Resource Economics, University of Chicago Press, vol. 30(3), pages 261-275.
    11. Börger, Tobias & Hattam, Caroline, 2017. "Motivations matter: Behavioural determinants of preferences for remote and unfamiliar environmental goods," Ecological Economics, Elsevier, vol. 131(C), pages 64-74.
    12. Nick Hanley & Stephen Hynes & Niels Jobstvogt & David M. Paterson, 2014. "Economic valuation of marine and coastal ecosystems:Is it currently fit for purpose?," Discussion Papers in Environment and Development Economics 2014-11, University of St. Andrews, School of Geography and Sustainable Development.
    13. Aanesen, Margrethe & Armstrong, Claire & Czajkowski, Mikołaj & Falk-Petersen, Jannike & Hanley, Nick & Navrud, Ståle, 2015. "Willingness to pay for unfamiliar public goods: Preserving cold-water coral in Norway," Ecological Economics, Elsevier, vol. 112(C), pages 53-67.
    14. Börger, Tobias & Beaumont, Nicola J. & Pendleton, Linwood & Boyle, Kevin J. & Cooper, Philip & Fletcher, Stephen & Haab, Tim & Hanemann, Michael & Hooper, Tara L. & Hussain, S. Salman & Portela, Rosim, 2014. "Incorporating ecosystem services in marine planning: The role of valuation," Marine Policy, Elsevier, vol. 46(C), pages 161-170.
    15. Hattam, Caroline & Böhnke-Henrichs, Anne & Börger, Tobias & Burdon, Daryl & Hadjimichael, Maria & Delaney, Alyne & Atkins, Jonathan P. & Garrard, Samantha & Austen, Melanie C., 2015. "Integrating methods for ecosystem service assessment and valuation: Mixed methods or mixed messages?," Ecological Economics, Elsevier, vol. 120(C), pages 126-138.
    16. Vallejo, María Cristina & Burbano, Rafael & Falconí, Fander & Larrea, Carlos, 2015. "Leaving oil underground in Ecuador: The Yasuní-ITT initiative from a multi-criteria perspective," Ecological Economics, Elsevier, vol. 109(C), pages 175-185.
    17. Hynes, Stephen & Norton, Danny & Corless, Rebecca, 2014. "Investigating societal attitudes towards the marine environment of Ireland," Marine Policy, Elsevier, vol. 47(C), pages 57-65.
    18. Pierre-Alexandre Mahieu & Henrik Andersson & Olivier Beaumais & Romain Crastes & François-Charles Wolff, 2014. "Is Choice Experiment Becoming more Popular than Contingent Valuation? A Systematic Review in Agriculture, Environment and Health," Working Papers 2014.12, FAERE - French Association of Environmental and Resource Economists.

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    Keywords

    Deep-sea biodiversity; choice experiment; option-use value; existence value;

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