Valuing Estuarine Resource Services Using Economic and Ecological Models: The Peconic Estuary System Study

This article summarizes four integrated economic studies undertaken to contribute to resource preservation and restoration decisions for the Peconic Estuary System of Suffolk County, NY. Completed as part of the National Estuary Program, the studies apply distinct resource valuation methods to a wide range of resource issues. The principal goals of this article are to highlight different methodologies that may be used to assess nonmarket economic values in a coastal management context, and characterize differences in the results that one may expect from each approach. We also emphasize potential relationships among values estimated by different nonmarket methodologies, and comment on the implications of these relationships for the interpretation and use of economic value estimates.     

Liability for oil spill damages: Issues,methods, and examples

Liability is an important incentive‐based instrument for preventing oil spills and provides a sustainable approach for restoring coastal resources injured by spills. However, the use of liability for environmental damages raises many challenges, including quantification of money measures of damages. In this article, case studies are used to illustrate the issues, methods, and challenges associated with assessing a range of damages, from those that can be measured relatively easily using market information to more “esoteric,”; and much more difficult, cases involving non‐market‐valued losses. Also discussed are issues raised by the new national and international regulatory focus on restoration and by the simplified, compensatory formula used by some states.