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Oceans and Economic Value: An Introduction

Oceans and Economic Value: An Introduction. Consortium for Ocean Leadership 25 October 2012 Hauke Kite-Powell, Marine Policy Center, WHOI. Topics. What does “economic value” mean? Economics & the ocean: different types of “economic value” questions Examples. The Nature of Economic Value.

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Oceans and Economic Value: An Introduction

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  1. Oceans and Economic Value:An Introduction Consortium for Ocean Leadership 25 October 2012 Hauke Kite-Powell, Marine Policy Center, WHOI

  2. Topics • What does “economic value” mean? • Economics & the ocean: different types of “economic value” questions • Examples

  3. The Nature of Economic Value • Not absolute – depends on societal context and (changeable) human preferences • As opposed to, for example, temperature! • Defined at the margin – limits of extrapolation • Economic value is meaningful only for something that you can (realistically) “trade away” • Value vs. impacts • Jobs, research budgets, … • Value over time – discount rates • Example: climate change

  4. Economic Value & the Ocean • Flows (value added) generated by ocean-related activities • GDP; the “cash flow” part of balance sheet • Asset values of ocean resource stocks • “assets & liabilities” part of the balance sheet • Value of research(information) • Value at stake in ocean management (policy) decisions

  5. Examples of Value Added Flows • Commercial fishing • Fishing to the dock • Processing • Wholesale/distribution • Seafood markets • Restaurants • National Ocean Economics Project (NOEP) data: GDP contributions from ocean industries

  6. Examples of Asset Values • Offshore minerals • Oil and gas in offshore reservoirs • Hard minerals (sand, gravel, gold, …) • Market price net of extraction costs • Fish stocks • Discounted stream of landings (dockside value net of capture costs) • Depends on management!

  7. Examples of Value of Information • Ocean observing systems (PORTS, IOOS) • Difference in outcomes of decisions with/without • Ocean carbon cycle • Uncertainty about future C uptake, atmospheric C concentration, climate costs • Ocean research infrastructure • Likely return on investments in infrastructure and research activities

  8. Examples of Policy Questions • Beach closures • Human health costs from exposure to bacterial contamination • Lost recreational benefits from unnecessary closures • Investment in clean water • Fish, marine mammal populations • Recreational amenities • Human health implications

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