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.

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.

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.

Changing abundance of elephants and 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 Oven 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 it species. Nevertheless. willingness to pay is still policy relevant in such cases. (c) 2005 Elsevier Ltd. All rights reserved.

Information, Wildlife Valuation, Conservation: 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. (JEL Q51, Q57, Q58)