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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. 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.
    2. 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.
    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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