| The economics of wetlands preservation in Virginia - :14303 | Sea Grant Publications
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The economics of wetlands preservation in Virginia
  • Published Date:
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  • Corporate Authors:
    Virginia Polytechnic Institute and State University, Department of Agricultural Economics, ; National Sea Grant Program (U.S.) ;
  • Description:
    Regulatory agencies are required to weigh the benefits and the costs of alternative wetlands use patterns before granting permits to alter natural wetlands for residential or commercial uses.there is, however, considerable scientific uncertainty about the existence and scope of natural wetlands services as well as the possibility of reversing wetlands alterations. Because of this uncertainty, the utilization of a "minimax" decision strategy for the granting of permits is suggested. This strategy suggests that decision-makers should select that course of action which minimizes the maximum loss that could be imposed on present or future generations. The selection of a minimax strategy requires decision-makers to obtain estimates of development values; two case studies of such development values are reported. Furthermore, the use of a "minimax" strategy when there is considerable uncertainty with respect to the existence and value of natural services provides an economic justification for a "preservation" orientation by permitting agencies.

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  • Funding:
    Funding: NOAA Office of Sea Grant; grant number: 04-6-158-44086 ,; grant number: 04-7-158-44086;
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