WHAT IS A WETLAND WORTH? CONCEPTS AND ISSUES IN ECONOMIC VALUATION

Steven Taff

No 13878, Staff Papers from University of Minnesota, Department of Applied Economics

Abstract: A wetland has no economic value in and of itself. Nor does it have a unique value, irrespective of context. Economic value is ascribed to a wetland by humans operating at a confluence of individual preferences, property rights, technological opportunities, and available resources. Such values are not generally reflected in market prices, a deficiency that can nonetheless addressed by competent economic analysis, using a variety of empirical techniques. The task is complicated by scientific information shortfalls, by ever-changing technologies and economies, and by evolving societal preferences--but it can be done. Economic valuations have been used in wetland priority rankings and in comparative investment analyses.

Keywords: Land; Economics/Use (search for similar items in EconPapers)
Pages: 23
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:ags:umaesp:13878

DOI: 10.22004/ag.econ.13878

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