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Appears in Collections:Economics Working Papers
Peer Review Status: Unrefereed
Title: Twenty Thousand Sterling Under the Sea: Estimating the value of protecting deep-sea biodiversity
Authors: Jobstvogt, Niels
Hanley, Nicholas
Hynes, Stephen
Kenter, Jasper
Witte, Ursula
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Citation: Jobstvogt N, Hanley N, Hynes S, Kenter J & Witte U (2013) Twenty Thousand Sterling Under the Sea: Estimating the value of protecting deep-sea biodiversity. Stirling Economics Discussion Paper, 2013-04.
Keywords: Deep-sea biodiversity
choice experiment
option-use value
existence value
Issue Date: 2013
Series/Report no.: Stirling Economics Discussion Paper, 2013-04
Abstract: The deep-sea includes over 90% of the world oceans and is thought to be one of the most diverse ecosystems in the World. It supplies society with valuable ecosystem services, including the provision of food, the regeneration of nutrients and the sequestration of carbon. Technological advancements in the second half of the 20th century made large-scale exploitation of mineral-, hydrocarbon- and fish resources possible. These economic activities, combined with climate change impacts, constitute a considerable threat to deep-sea biodiversity. Many governments, including that of the UK, have therefore decided to implement additional protected areas in their waters of national jurisdiction. To support the decision process and to improve our understanding for the acceptance of marine conservation plans across the general public, a choice experiment survey asked Scottish households for their willingness-to-pay for additional marine protected areas in the Scottish deep-sea. This study is one of the first to use valuation methodologies to investigate public preferences for the protection of deep-sea ecosystems. The experiment focused on the elicitation of economic values for two aspects of biodiversity: (i) the existence value for deep-sea species and (ii) the option-use value of deep-sea organisms as a source for future medicinal products.
Type: Working or Discussion Paper
Affiliation: University of Aberdeen
National University of Ireland - Galway
University of Aberdeen
University of Aberdeen

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