Ecosystem services valuation of the Nelson Bays: ecosystem services valuation method
In this investigation an effort has been made, where ever possible to comply with recent theoretical and methodological developments in ecosystem services valuation and benefits transfer method. However, as a pilot study, this research has been limited in terms of what can be accomplished in method improvements. Therefore, the ecosystem services value estimates outlined in this study should be interpreted with care and an understanding of the limiting assumptions, sparse data, computational challenges and uncertainties on which this study is based. Efforts have been made in writing the final science report to provide transparency in these areas. One important improvement adopted by this study has involved the adoptions of recently published accounting conventions for the estimation of net and gross estimates of total economic value. The main difference between these two TEV indicators is that supporting services are not included in the estimation of net total economic value. This accounting convention thus avoids previous problems in TEV estimation associated with the ‘double counting’ of supporting with regulating, provisioning and non-material services. In this study we also provide guidance on the accounting adjustment of what we refer to as a ‘valuation Table representation’ problem that is a direct result of our use of the MEA framework as a means to avoid ‘double counting’. By worked example we seek to show that this new accounting adjustment produces superior TEV estimates that we report on below as outcomes of this study. This study has thus attempted to estimate total net and gross value for both individual coastal marine ecosystems and all coastal marine ecosystems combined. All estimates of monetary value have been CPI adjusted to quarter 4, year 2012 and are expressed in New Zealand dollars.