ABSTRACT
In earlier chapters we set out the reasons why we believe that the economic (monetary) valuation of a range of wetland goods/services is a practicable and meaningful exercise. There are, however, limits to this set of procedures and particular care needs to be taken to avoid double counting errors (given ecosystem complexities) and whenever value data transfers (over time and space) are being considered. A typology of values based on the total economic value concept is an appropriate way to represent the long-run and multifaceted characteristics of the benefits associated with wetlands. Further, despite some ambiguities around the precise demarcation of use and non-use value categories, the total economic value calculation is a practical and policy relevant method. Taking wetland management decisions on the basis of the ecosystem service and extended cost–benefit analysis approach is both necessary and sufficient to meet the initial requirements of a sustainable development policy strategy.
