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Economic Benefits from (Better) Ocean Observation

Discover the significant economic advantages derived from improved ocean observation practices. Learn how informed decisions lead to positive physical and economic outcomes, driving changes in value added, social surplus, and consumer and producer surplus. Explore case studies on US Coastal Ocean Observations and Global Ocean Wind, Waves, and Currents, showcasing the potential for economic gains in the millions through enhanced observation methods.

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Economic Benefits from (Better) Ocean Observation

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  1. Economic Benefits from (Better) Ocean Observation Capitol Hill Oceans Week 14 June 2006 Hauke Kite-Powell Marine Policy Center Woods Hole Oceanographic Institution

  2. Source of Benefits • The product is information • Information has value because it is used in economic decisions • Better decisions lead to improved physical and economic outcomes • Short-term (operational) and long-term (investment, planning) decisions

  3. Benefit = change in value added • Changes in social surplus • Producer surplus • What producers receive less what it costs to produce • Consumer surplus • What consumers would be willing to pay less what they actually pay • Net change in economy (“welfare”) • Often hard to measure in practice • Proxies: • Increased goods and services • Lower cost goods and services

  4. US Coastal Ocean Observation: User Sectors

  5. Potential Benefits fromImproved Coastal Ocean Obs.

  6. Tampa Bay PORTS:User Groups/Applications • Maritime • Recreational boating/fishing • Spill response • Weather & storm surge forecasting • Environmental management/modeling • Education

  7. Tampa Bay PORTS: Annual Benefits high degree of confidence: • avoided groundings, commercial vessels$1.1 to $2.8 million • increased draft/cargo loading$1.1 million • improved spill response$0.2 to $0.9 million moderate degree of confidence: • reduced distress cases, recreational boats$0.2 million • improved weather forecasts$1.5 million • improved storm surge forecasts$0.5 million more speculative: • enhanced spill response, recreation$2.2 million $4.4 to $7.0 million

  8. Global Ocean Winds, Waves and Currents (Satellite Obs.) • Benefits commercial maritime ship routing • Potential benefits today about $80 million/year • Additional benefits of $100 million/year possible with better coverage

  9. Summary • (potential) economic benefits can be documented • order of $10 million for “local” (PORTS) systems • $100s of millions for US coastal systems • $100s of millions for global ocean systems • user-driven requirements and business case must be starting point for these benefits to be realized

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