Monetary Valuation of Goods and Services

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Financial Valuation of Goods and Services Derived from Coral Reefs Results from the South Coast of Grenada ReefFix Exercise Jerry J. Mitchell

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Presentation Outline Project Background Overview of Economic Valuation Techniques Site Background Methodology Results Coral Reef Valuation-Tourism & Recreation Coral Reef Valuation-Fisheries Benefits Value Transfer Discussion Conclusion & Way Forward

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Project Background Inter-American Biodiversity Information Network ( IABIN ) to advance maintainable advancement and the preservation and feasible utilization of organic differences in the Americas ReefFix is an ICZM instrument that trains taking part nations in biological system valuation strategies and administration procedures to monitor marine environments and the related watersheds through incorporated stop management 

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Overview of Economic Valuation Techniques Economic valuation evaluates the products and enterprises gave by a biological community which add to the prosperity of human life (monetary, social, biophysical, and so on) By crediting a dollar esteem to regular assets, the advantages of protection and a portion of the unanticipated "expenses" of fumble are acknowledged

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Overview of Economic Valuation Techniques Thus coral reefs wellbeing impacts the fundamental financial action of the district however are not considered when significant approach choices happen By surveying the biological community benefits, the substantial advantages gave by coral reefs to support and enhance human life can be measured.

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Overview of Economic Valuation Techniques

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Overview of Economic Valuation Techniques Total Economic Value Non-Use Value Use Value Indirect Use (shoreline assurance) Future Use (choice/estate esteem) Direct Use Existence Value Consumptive Use (nourishment) Non-Consumptive Use (tourism & amusement)

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Direct Use Consumptive Use (sustenance) Non-Consumptive Use (tourism & entertainment) Overview of Economic Valuation Techniques Total Economic Value Non-Use Value Use Value Indirect Use (shoreline insurance) Future Use (choice/inheritance esteem) Existence Value

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Direct Use Consumptive Use (sustenance) Non-Consumptive Use (tourism & amusement) Overview of Economic Valuation Techniques Fishing Tourism Recreation

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Site Background South/southwest bank of Grenada Coral reef degree 8400 ha Extensive mangrove woods Seagrass knolls Bounds coastline of two wards St George St David In-coordinates two marine ensured ranges Moliniere/Beausjour Marine Protected Area Clarkes Court/Woburn Marine Protected Area

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Site Background Fishing (Recreational and business) Recreational SCUBA Diving Recreational Beach Activities Yachting/yachting administrations marina's/pull outs Maritime Transport

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Site Background Threats to assets Algal excess Coastal advancement Overfishing Seasonal tempests/tropical storms Physical harm (anthropogenic) Diving Improper angling strategies Improper sculling hones

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Methodology

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WRI Coral Reef Valuation-Benefits Value Transfer ArcGis shape documents Satellite Images Identify, characterize and measure region of critical land cover sorts Using values from other study destinations, apply monetary qualities to ebb and flow site by unit territory (hectares)

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Calculate Areas & Apply Economic Value WRI Coral Reef Valuation-Benefits Value Transfer Outline Features Identify Features Import & Re-Project Features

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WRI Coral Reef Valuation Utilize information accessible from: Fisheries Division Land Use Division Grenada Board of Tourism Statistics Division Previous Studies Expert Opinion Input values into apparatus – Estimate of Total Economic Impact is produced Values explored and balanced with new information

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Fishing WRI Coral Reef Valuation-Fisheries Sum of income created from : Commercial Fishing Fish Processing Local Fishing (utilization, deal, satisfaction)

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Recreation Tourism WRI Coral Reef Valuation-Tourism & Recreation Sum of income produced from : Accommodation Sector Snorkeling & Boating Diving Local Use

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WRI Coral Reef Valuation-Fisheries

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WRI Coral Reef Valuation-Fisheries Commercial Fishing Total Estimated Landings - cost of angling (wages, working costs) Fish Processing TOTAL ECONOMIC IMPACT OF FISHING Total Estimated Processing Revenue (handling, cleaning) - cost of operations (wages, working costs) Local Fishing for (deal, happiness, utilization)

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WRI Coral Reef Valuation-Fisheries

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WRI Coral Reef Valuation-Tourism & Recreation Accommodation Total Estimated Revenue (inhabitance rates, room rates, # rooms, % guests utilizing reef) work, working costs, assess rates, benefit charges, spillages TOTAL ECONOMIC IMPACT OF TOURISM & RECREATION Diving Total Estimated Diving Revenue (# jumpers, affirmations, hardware, comprehensive excursions) - work, working costs, impose, benefit charges Local Use Beach utilize, reef-related utilize

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WRI Coral Reef Valuation-Tourism & Recreation

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Value Transfer

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Benefits Value Transfer

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WRI Coral Reef Valuation-Fisheries Case ponder accept that the South/southwest drift nearshore reefs give supporting administrations to the angled reefs No known multipliers Quality information was constrained Exact area of gets are not known Unknown # of nearby fishers Non-work working costs obscure No information on fish cleaning exercises

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WRI Coral Reef Valuation-Commercial Fisheries Results

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WRI Coral Reef Valuation-Tourism and Recreation Quality information was restricted inhabitance rates were harsh appraisals (high room rate properties can skew information) Tax income dependant on responsibility of administrators Recreational plunge information out dated No snorkel information

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Results Comparison

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WRI Coral Reef Valuation-Strengths Facilities dynamic information (permits overhauling and development) Detailed and takes into consideration order of results When information is accessible, yields of results & adjustments are produced promptly Sensitivity investigation as reaction to blunders in information Accounts for regularly neglected estimation of neighborhood utilize More information enhances pertinence of results (not general yield)

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WRI Coral Reef Valuation-Weaknesses Data crevices builds dependence of nearby master supposition Requires full participation of applicable organizations and is subject to the nature of their information Errors are amplified with a few counts (e.g. fisher studies) Can energize presumptuousness in results if notices about conceivable blunder disregarded. Results are not visual and not as simple to convey as the Value Transfer strategy

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Benefits Transfer Valuation-Strengths Availability of information source No information accumulation required; not subject to nature of information from different sources Results are visual and can be effectively communicated

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Benefits Transfer Valuation-Weaknesses Results are static Dependent on nature of aeronautical/satellite information (if truant requires serious ground-truthing ) Requires learning of mapping programming

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Other Case Study Sites Montego Bay Marine Park (Brian Zane) Benefits Transfer Valuation Pros Produces both realistic and numeric results Low reliance on outside/difficult to find information sources Cons Multipliers (values) created for NE United States Challenging to create nearby values, which are basic to the precision and legitimacy of the apparatus

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