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Application Of Wetland Valuation Theory To Commercial And Recreational Fisheries In Florida
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1989
[PDF-4.44 MB]
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Description:The focus of this report is an evaluation in economic terms of estuarine wetlands to the marine fisheries in Florida. Wetlands provide the carrying capacity for many fishery stocks but, for the most part, are quasi-common property where actual owners cannot capture the implied rental value. This produces a market failure, and great incentive to convert wetlands to uses consistent with organized markets such as residential development and agriculture. The author employed marginal productivity theory for estuarine wetland valuation. This theory possesses the rigor of population dynamics analysis developed by biologists and marginal analysis familiar to economists. In essence, the theory looks at the incremental contribution of estuarine wetlands to the marine fishery catch. The marginal production of an acre of estuarine wetlands, holding all other factors constant, is valued by the price people are willing to pay for the fishery product. Since this marginal value will flow into perpetuity, at least from a theoretical point of view, one may estimate the capitalized value of this flow by dividing by the discount rate. Recreational fisheries using consumer surplus are also adaptable to this type of analysis.
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Sea Grant Document Number:FLSGP-T-89-001
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Rights Information:Public Domain
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