In this lecture on topics in environmental economics, Dr. Pete Schuhmann presents the example of coastal and marine resources and their associated ecosystem services to highlight issues and impacts in protection and management of these resources. He lays out the trade-offs associated with prioritizing different elements of coastal and marine systems, including tensions between market and non-market goods, public and private goods, commercial and recreational uses, and current versus future uses. He notes that economics can help address these tensions by using approaches to model individual and market behaviors, identifying economic incentives that could be built into policy, and characterizing the competing values that might limit management strategies. He ends with several examples of research questions related to the economics of coastal and marine resources management.
Lipton, D., Lew, D. K., Wallmo, K., Wiley, P., & Dvarskas, A. (2015). The Evolution of Non-Market Valuation of US Coastal and Marine Resources. Journal of Ocean and Coastal Economics, (1), 6.
Peter Schuhmann is a Professor of Economics at the University of North Carolina Wilmington. He received his Masters and PhD in economics from North Carolina State University with field concentrations in environmental economics and statistics. Dr. Schuhmann focuses his research on environmental and natural resource economics with an emphasis on the non-market valuation of coastal and marine resources in North Carolina and the Caribbean. He is an affiliate faculty member at the Centre for Resource Management and Environmental Studies at the University of the West Indies, Cave Hill. Research collaborations with the interdisciplinary team at CERMES include valuation projects supported by the Caribbean Tourism Organization and the Barbados Ministry of Tourism, as well as consultancies with the Barbados Fisheries Division and the Caribbean Large Marine Ecosystem Project.