The Private and Social Values of Wetlands

`This book makes an important contribution to improving wetland management by demonstrating how key environmental values might be incorporated into the analysis of the policy trade-offs involved in wetland management. Of particular interest are the two Australian case studies, which illustrate the practical application of the techniques and methods advanced by this book. As the purpose of these case studies is to show how policy analysis can reconcile the management decisions made by private landowners with the wider social aims of government agencies, this book should inform scholars and practitioners interested in improved wetland management worldwide.' - Edward B. Barbier, University of Wyoming, US `This book represents the application of environmental valuation techniques combined with natural resource management policy design in the specific context of two wetland areas in Australia. Stuart Whitten and Jeff Bennett are proven expert practitioners in this field, and this book continues their high standard of applied environmental economics research output. As the authors point out, "the lessons to be learnt from developing a better understanding of the management of privately owned wetlands can be readily applied to many other natural resources that provide both private and social benefits". Hence, this book also offers excellent case study material for improving our understanding of applied environmental economics techniques.' - Rob Fraser, Imperial College at Wye, UK The management of natural resources located on private lands often involves a perceived conflict between the mix of private and public benefits they produce. This book is focused on one such issue: the design of policy relating to the production of wetland outputs in order to maximize private and social welfare. The authors first address the welfare impacts of alternative wetland management strategies on the wider community. They then concentrate on privately owned wetlands in Australia and find that they generate substantial public benefits. Furthermore, they are able to identify cost-effective avenues to increase these benefits. The authors then turn their attention to the integration of policy costs in decision-making and the implications for wetland policy. They highlight the fact that policy development and implementation is a costly process and in some cases can even outweigh the net benefits available from increasing wetland production.