Economic valuation of wetlands: Overview

Abstract

The continued loss and degradation of wetlands and the role of economic drivers therein, urgently call for communicating the diverse values of wetlands, and the consequences of loss of vital ecosystem services, in the language of the world's dominant economic and ecological paradigms. Economic valuation helps bridge this communication gap by enabling expression of the impact of public and private decisions on ecosystem service values in comparable metrics. A fuller and meaningful application of economic valuation assessments merits can be enabled by understanding of why valuation is needed, whose and what values are important, how to derive values and ultimately ensure integration in decision making processes. As akin to various assessment tools, economic valuation is also associated with uncertainty of various forms and levels, which need to be understood for a meaningful application. Valuation in general, and economic valuation in particular, is an evolving field, and needs to be continually enriched with better understanding of ecosystem functioning and plurality of values.