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J. Mar. Sci. Eng. 2018, 6(1), 5; https://doi.org/10.3390/jmse6010005

Quantifying Economic Value of Coastal Ecosystem Services: A Review

1
Department of Water Engineering and Management, University of Twente, P.O. Box 217, 7500 AE Enschede, The Netherlands
2
Department of Water Science and Engineering, IHE Delft Institute for Water Education, P.O. Box 3015, 2601 DA Delft, The Netherlands
3
Department of Governance and Technology for Sustainability, University of Twente, P.O. Box 217, 7500 AE Enschede, The Netherlands
4
School of Systems, Management and Leadership, Faculty of Engineering and Information Technology, University of Technology Sydney, Sydney, NSW 2007, Australia
5
Harbour, Coastal and Offshore Engineering, Deltares, P.O. Box 177, 2600 MH Delft, The Netherlands
6
School of Civil Engineering, University of Queensland, St. Lucia, Brisbane, QLD 4072, Australia
*
Author to whom correspondence should be addressed.
Received: 10 November 2017 / Revised: 28 December 2017 / Accepted: 29 December 2017 / Published: 9 January 2018
(This article belongs to the Special Issue Climate Change, Coasts and Coastal Risk)
View Full-Text   |   Download PDF [975 KB, uploaded 9 January 2018]   |  

Abstract

The complexity of quantifying ecosystem services in monetary terms has long been a challenging issue for economists and ecologists. Many case specific valuation studies have been carried out in various parts of the World. Yet, a coherent review on the valuation of coastal ecosystem services (CES), which systematically describes fundamental concepts, analyzes reported applications, and addresses the issue of climate change (CC) impacts on the monetary value of CES is still lacking. Here, we take a step towards addressing this knowledge gap by pursuing a coherent review that aims to provide policy makers and researchers in multidisciplinary teams with a summary of the state-of-the-art and a guideline on the process of economic valuation of CES and potential changes in these values due to CC impacts. The article highlights the main concepts of CES valuation studies and offers a systematic analysis of the best practices by analyzing two global scale and 30 selected local and regional case studies, in which different CES have been valued. Our analysis shows that coral reefs and mangroves are among the most frequently valued ecosystems, while sea-grass beds are the least considered ones. Currently, tourism and recreation services as well as storm protection are two of the most considered services representing higher estimated value than other CES. In terms of the valuation techniques used, avoided damage, replacement and substitute cost method as well as stated preference method are among the most commonly used valuation techniques. Following the above analysis, we propose a methodological framework that provides step-wise guidance and better insight into the linkages between climate change impacts and the monetary value of CES. This highlights two main types of CC impacts on CES: one being the climate regulation services of coastal ecosystems, and the other being the monetary value of services, which is subject to substantial uncertainty. Finally, a systematic four-step approach is proposed to effectively monetize potential CC driven variations in the value of CES. View Full-Text
Keywords: coastal ecosystems; ecosystem services; economic valuation; climate change coastal ecosystems; ecosystem services; economic valuation; climate change
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Mehvar, S.; Filatova, T.; Dastgheib, A.; de Ruyter van Steveninck, E.; Ranasinghe, R. Quantifying Economic Value of Coastal Ecosystem Services: A Review. J. Mar. Sci. Eng. 2018, 6, 5.

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