Overoptimism and the undervaluation of ecosystem services: a case-study of recreational fishing in Townsville, adjacent to the Great Barrier Reef

Farr, Marina, and Stoeckl, Natalie (2018) Overoptimism and the undervaluation of ecosystem services: a case-study of recreational fishing in Townsville, adjacent to the Great Barrier Reef. Ecosystem Services, 31 (Part C). pp. 433-444.

[img] PDF (Published Version) - Published Version
Restricted to Repository staff only

View at Publisher Website: http://doi.org/10.1016/j.ecoser.2018.02....
 
2
2


Abstract

There are numerous methods for estimating the value of different types of ecosystem services. Some methods use observed behaviours to draw inferences about value, but (observed) behaviours are based upon expectations, which can be incorrect. Using data from anglers living in Townsville, adjacent to the Great Barrier Reef (GBR) in a travel-cost model, we show how expectations about the number of fish people believe they will catch on a recreational fishing trip greatly influence estimates of the value of catch reductions (a loss in angler welfare). Experienced fishers have much more accurate expectations about catch than infrequent fishers, highlighting that valuation estimates derived from observable behaviours are most robust when the service being valued is well-known and when people are able to accurately judge the outcome of their behaviours. More broadly, it is clear that under conditions of uncertainty – such as climate change – overly optimistic visions of the future will likely lead us to undervalue (and thus potentially degrade) key ecosystem services – perhaps substantially.

Item ID: 52793
Item Type: Article (Research - C1)
ISSN: 2212-0416
Keywords: valuation under uncertainty; expected and actual catch; Great Barrier Reef; travel cost model; recreational fishing
Date Deposited: 13 Jul 2018 04:06
FoR Codes: 14 ECONOMICS > 1402 Applied Economics > 140205 Environment and Resource Economics @ 100%
SEO Codes: 91 ECONOMIC FRAMEWORK > 9102 Microeconomics > 910209 Preference, Behaviour and Welfare @ 50%
96 ENVIRONMENT > 9606 Environmental and Natural Resource Evaluation > 960699 Environmental and Natural Resource Evaluation not elsewhere classified @ 50%
Downloads: Total: 2
More Statistics

Actions (Repository Staff Only)

Item Control Page Item Control Page