Recreational fishing: Its expansion, its economic value and aquaculture's role in sustaining it

Economic growth usually leads to a substantial increase in the demand for recreational fishing, and China is likely to follow this trend. Factors influencing this expansion in demand are identified. Recreational fishing is of major economic importance in higher income countries and indicators of its economic significance are given. Growing demand for recreational fishing results in intensified involvement of recreational fishers in conflicts about resource use. With increasing demand for recreational fishing, recreational fishers face growing competition with one another for limited fish stocks and with commercial fishers. Their concerns for environmental threats to fish stocks also intensify. Furthermore, some strategies of recreational fishers are increasingly criticised by conservationists. Governments, therefore, are put under pressure to adopt policies to address these conflicts. Some of the policy measures adopted to help sustain the fisheries and reduce conflict are outlined. These include limits on the catch and exclusive zones for recreational fishing. However, wild stocks of fish are likely to remain under mounting harvesting and other pressures. Therefore, we need to consider the role that aquaculture can play in overcoming these problems. The possible ways in which aquaculture can do this are outlined and discussed.

Nature-based tourism and the valuation of its environmental resources: Economic and other aspects

Nature-based tourism has grown in importance in recent decades, and strong links have been established between it and ecotourism. This reflects rising incomes, greater levels of educational attainment and changing values, especially in the Western world. Nature-based tourism is quite varied. Different types of such tourism are identified and their consequences for sustainability of their resource-base are briefly considered. The development and management of nature-based tourism involves many economic aspects, several of which are discussed. For example, one must consider the economics of reserving or protecting land for this type of tourism. What economic factors should be taken into account? Economists stress the importance of taking into account the opportunity costs involved in such a decision. This concept is explained. However, determining the net economic value of an area used for tourism is not straightforward. Techniques for doing this, such as the travel cost method and stated value methods, are introduced. Natural areas reserved for tourism may have economic value not only for tourism but also jointly for other purposes, such as conserving wildlife, maintaining hydrological cycles and so on. These other purposes, should be taken into account when considering the use of land for nature-based tourism. According to one economic point of view, land should be used in a way that maximises its total economic value. While this approach has its merits, it does not take into account the distribution of benefits from land use and its local impacts on income and employment. These can be quite important politically and for nature conservation, and are discussed. Finally, there is some discussion of whether fees charged to tourists for access to environmental resources should discriminate between domestic tourists and foreigners.

The knowledge gap: A perspective on trade, industry, technology and policy from pre-war Australian music technology manufacturing (1903-30)

Australia struggles to achieve economic competitiveness, prevent expansion of the trade deficit and develop value-added production despite applications of policy strategies from protectionism to trade liberalisation. This article argues that these problems were emerging at the turn of the century, and that an investigation of music technology manufacturing in the first two decades of this century reveals fundamental problems in the conduct of relevant policy analysis. Analysis has focused on the trade or technology gap which is only symptomatic of an underlying knowledge gap. The article calls for a knowledge policy approach which can allow protection without the negative effects of isolation from global markets and without having to resort to unworkable utopian free-trade dogma. A shift of focus from a 'goods traded' view to a knowledge transaction (or diffusion) perspective is advocated.

Use and non-use values of wild Asian elephants: A total economic valuation approach

The contingent valuation method is often used for valuing environmental goods possessing use as well as non-use values. This paper investigates the relative importance of these values in relation to the existence of the wild Asian elephant. It does so by analysing results from a contingent valuation survey of a sample of urban residents living in three selected housing schemes in Colombo. We find that the major proportion of the respondents’ willingness to pay (WTP) for conservation of wild elephants is attributable to the non-use values of the elephant. However, differences in the relative importance of these values exist between those who visit national parks and those who do not. Differences in respondents’ WTP for conservation of elephants are found to be largely influenced by attitudinal and behavioural factors rather than socio-economic ones. We conclude that policymakers must recognise and take account of the importance of non-use values of the Asian elephant, if this endangered species is to survive in the long run. Nevertheless, the non-consumptive use value of elephants in Sri Lanka is also found to be substantial.

The history and value of the elephant in Sri Lankan society

Reviews the literature to provide an overview of the historical significance of the elephant in Sri Lankan society, an association which dates back more than 4,000 years. The present status of this relationship assessed on the basis of the findings of a recent study undertaken on the total economic value of elephants in Sri Lanka. This paper, first briefly outlines the history, evolution, nature and their distribution of the Asian elephant while providing some insights on the status of the elephant (Elephas maxima maxima) in Sri Lanka. Next, it reviews the literature in order to assess the historical affiliation that the elephant has maintained with the Sri Lankan society, its culture, history, mythology and religion. The empirical evidence on the economic value of conservation of the remaining elephant population in Sri Lanka is reviewed and the Sri Lankan people’s attitudes towards conserving this species of wildlife. Literature reviewed and analysis undertaken indicates that the elephant in Sri Lanka, still, as in the past has a special place in Sri Lankan society, particularly, in its culture, religion and value system. Thus, there is a strong case for ensuring the survival of wild elephant population in Sri Lanka. Furthermore, it also suggests that the community as a whole will experience a net benefit from ensuring the survival of wild elephants in Sri Lanka.

The value of dividend imputation tax credits in Australia

A dividend imputation tax system provides shareholders with a credit (for corporate tax paid) that can be used to offset personal tax on dividend income. This paper shows how to infer the value of imputation tax credits from the prices of derivative securities that are unique to Australian retail markets. We also test whether a tax law amendment that was designed to prevent the trading of imputation credits affected their economic value. Before the amendment, tax credits were worth up to 50% of face value in large, high-yielding companies, but Subsequently it is difficult to detect any value at all. (C) 2003 Elsevier B.V. All rights reserved.

Economic benefits of dolphins in the United States eastern tropical Pacific purse-seine tuna industry

This paper provides a profit-maximizing model with vessel-level dolphin mortality limits for purse seiners harvesting tunas in the eastern tropical Pacific Ocean. The model analytically derives the shadow price (estimated economic value) for dolphin mortality, the fishing-fleet size, and the annual tuna harvest as functions of a few key fishing parameters. The model also provides a statistical method to determine the accuracy of all needed parameter estimates. The paper then applies the model to the year 1996 and the period from 1985 to 1987. The shadow price measures the economic value to the US tuna fleet of dolphins lost in the harvesting of tuna. This value is essential when attempting to evaluate the economic benefits and costs to society of any action designed to reduce the mortality of dolphins in the harvesting of tuna in the eastern tropical Pacific Ocean.

Do open-cycle hatcheries relying on tourism conserve sea turtles? Sri Lankan developments and economic-ecological considerations

By combining economic analysis of markets with ecological parameters, this article considers the role that tourism-based sea turtle hatcheries (of an open-cycle type) can play in conserving populations of sea turtles. Background is provided on the nature and development of such hatcheries in Sri Lanka. The modeling facilitates the assessment of the impacts of turtle hatcheries on the conservation of sea turtles and enables the economic and ecological consequences of tourism, based on such hatcheries, to be better appreciated. The results demonstrate that sea turtle hatcheries serving tourists can make a positive contribution to sea turtle conservation, but that their conservation effectiveness depends on the way they are managed. Possible negative effects are also identified. Economic market models are combined with turtle population survival relationships to predict the conservation impact of turtle hatcheries and their consequence for the total economic value obtained from sea turtle populations.

Modeling the economic losses from pressure ulcers among hospitalized patients in Australia

The objective of this study was to predict the number of cases of pressure ulcer, the bed days lost, and the economic value of these losses at Australian public hospitals. All adults (>= 18 years of age) with a minimum stay of 1 night and discharged from selected clinical units from all Australian public hospitals in 2001-02 were included in the study. The main outcome measures were the number of cases of pressure ulcer, bed days lost to pressure ulcer, and economic value of these losses. We predict a median of 95,695 cases of pressure ulcer with a median of 398,432 bed days lost, incurring median opportunity costs of AU$285 M. The number of cases, and so costs, were greatest in New South Wales and lowest in Australian Capitol Territory. We conclude that pressure ulcers represent a serious clinical and economic problem for a resource-constrained public hospital system. The most cost-effective, risk-reducing interventions should be pursued up to a point where the marginal benefit of prevention is equalized with marginal cost. By preventing pressure ulcers, public hospitals can improve efficiency and the quality of the patient's experience and health outcome.

A complex systems approach to the value of ecological resources

A theory of value sits at the core of every school of economic thought and directs the allocation of resources to competing uses. Ecological resources complicate the modem neoclassical approach to determining value due to their complex nature, considerable non-market values and the difficulty in assigning property rights. Application of the market model through economic valuation only provides analytical solutions based on virtual markets, and neither the demand nor supply-side techniques of valuation can adequately consider the complex set of biophysical and ecological relations that lead to the provision of ecosystem goods and services. This paper sets out a conceptual framework for a complex systems approach to the value of ecological resources. This approach is based on there being both an intrinsic quality of ecological resources and a subjective evaluation by the consumer. Both elements are necessary for economic value. This conceptual framework points the way towards a theory of value that incorporates both elements, so has implications for principles by which ecological resources can be allocated. (c) 2005 Elsevier B.V. All rights reserved.

Effects of a change in abundance of elephants on willingness to pay for their conservation

This paper explores the way in which the stated willingness to pay for the conservation of Asian elephants in Sri Lanka varies with hypothetical variations in their abundance. To do that, it relies on results from a sample of residents of Colombo. The willingness to pay function is found to be unusual. It increases at an increasing rate for hypothetical reductions in the elephant population compared to its current level (a level that makes the Asian elephant endangered) and also increases at a decreasing rate for increases in this population from its current level. Rational explanations are given for this relationship. The relationship is, however, at odds with relationships suggested in some of the literature for total economic value as a function of the abundance of a wildlife species. It is suggested that willingness to pay for conservation of a species rationally includes a strategic element and may not always measure the total economic value of a species. Nevertheless, willingness to pay is still policy relevant in such cases.

Information and wildlife valuation: Experiments and policy

The authors use experimental surveys to investigate the association between individuals' knowledge of particular wildlife species and their stated willingness to allocate funds to conserve each. The nature of variations in these allocations between species (e.g., their dispersion) as participants' knowledge increases is examined. Factors influencing these changes are suggested. Willingness-to-pay allocations are found not to measure the economic value of species, but are shown to be policy relevant. The results indicate that poorly known species, e.g., in remote areas, may obtain relatively less conservation support than they deserve.