The Valuation of Marine Ecosystem Goods and Services in the Caribbean: A review and framework for future work
This report provides a summary of economic analyses of marine ecosystem services in the Wider Caribbean Region for the three major marine ecosystem types being addressed by the Caribbean Large Marine Ecosystem (CLME) Project: reef, pelagic and continental shelf. Particular attention is given to empirical valuation studies. An overview of existing valuation methodologies is provided, along with recommendations for applications in the in the CLME Project area. Advantages and disadvantages of alternative methods are discussed. Market and non-market valuation studies from peer-reviewed journals, proceedings, government archives and university databases are reviewed. Attention is also given to other empirical work at the nexus of economics and marine resources in the Caribbean such as the use and effects of economic incentives, economic impact studies, and conservation finance. Studies reviewed for this report include analyses of primary and secondary data, benefits transfer applications, meta-analyses and case studies. Gaps, deficiencies and unknowns in the extant literature are highlighted and discussed. The summary and analysis of gaps together form a framework for valuation in the Wider Caribbean Region so that future work can be directed toward areas of policy importance.