Economic valuation of wetlands: Total economic value

Abstract

Total economic value (TEV) is one of the most widely used and commonly accepted frameworks for classifying wetland economic benefits and for attempting to integrate them into decision-making. Its major innovation is that, rather than just considering commercial or extractive values, TEV also takes into account subsistence and nonmarket values, ecological functions, and nonuse benefits. TEV is used to overcome the problems associated with the under-valuation of wetland benefits that has plagued conventional economic analysis and decision-making.