Wetlands Protection: The Role of Economics, Paul F. Scodari, (Washington DC: Environmental Law Institute, 1990), 89 pp.
Market approaches; applicable to habitat protection issues; written for the first party participant.
Wetlands Protection: The Role of Economics is an examination of the science of wetland valuation, its implementation and use in natural resource damage assessment.
Wetlands Protection: The Role of Economics will be of interest to those who seek an understanding of wetland valuation. The first chapter is an introduction which addresses the US Army Corps of Engineers' current cost-benefit framework and its flaws. Specifically, the author examines: economic, scientific, and political/institutional problems. Chapter two begins with a definition of wetlands and considers wetland outputs: intermediate, final, and future wetland goods. The author addresses the ecological functions of wetlands, which include: flood storage, groundwater recharge and discharge, nutrient retention and removal, aquatic food chain support, and wildlife habitat support. This chapter closes with concern over scientific barriers to economic valuation of wetlands.
Chapter three considers principles and methods for valuing wetlands goods. In this context, the author addresses the inability of the market system to allocate wetlands efficiently. Scodari also considers: a general framework for valuation of wetlands, economic techniques for valuing non-market outputs; intermediate and final goods. Chapter four examines the implementation of wetland valuation. The author begins with consideration of some Corps projects and proceeds to a general benefit-cost analysis of other Corps projects and the political and institutional barriers to economic valuation of wetlands. Chapter five examines the Natural Resource Damage Assessment Regulations. Specifically, the author addresses the allocation of public natural resources and Superfund. The final chapter draws conclusions and offers recommendations for methodological improvement and legislative and administrative reforms.
Wetlands Protection: The Role of Economics is a concise examination of the fundamentals of wetland valuation for assessment of damages.
T. A. O'Lonergan
E15SCOD