The Economic value of landscape aesthetics in Albufera natural Park through the Analytic Multicriteria Valuation Method

Abstract

The effective definition of public intervention goals and resource allocation for natural resource management requires decision makers to understand the monetary values of the full range of goods and services provided by landscapes, in other words, their Total Economic Value (TEV). Aesthetic enjoyment (AE) can be considered as part of such TEV of landscapes. For the estimation of the economic value of AE in Albufera Natural Park (Valencia, Spain), this paper applies the Analytic Multicriteria Valuation Method (AMUVAM). It is a combination of two established techniques: analytic hierarchy process (AHP) and discount cash flow (DCF). The economic value of non-market benefits under AMU-VAM is obtained indirectly, by comparing the relative degrees of importance attached to the different components of TEV. In this way, not only does it estimate a monetary value of AE but also its importance relative to TEV. Results express that AE represents 7% of the TEV in Albufera Natural Park and 24% of the EV in Albufera Natural Park (£176 million). Results reveal distinct patterns in the valuation of TEV and existence value (EV). In this way, together with the average, a range of values which show the different sensitivities of society is provided. The comparison of the TEV obtained for Albufera Natural Park with previous studies conducted on wetlands suggests its similarity in scale.