1. ECONOMIC VALUES AND ECONOMIC IMPACTS OF PROTECTED AREAS. Venetia Hargreaves-Allen Conservation Strategy Fund

2. Economic studies can help… Sustainable financing e.g. revenue raising, damage assessments Enhancing management decisions e.g. performance indicators, understanding incentives Effecting change e.g. designing interventions, controlling visitor numbers

3. Types of Economic Study. 1) Economic valuation Asses the NET value generated by goods and services from a natural resource. measures consumer and producer surplus 2) Economic impact analysis Asses the financial flows from a resource (gross). Uses spending and economic multipliers

4. Two Case Studies 1)Economic value of a Belizean MPA -PS and CS estimates -Intensive primary data collection -Non-use values, econometrics -Distributional analysis 2)Economic impact of 2 Bahamian PAs -Financial flows from each PA -Secondary data and key informant interviews -Uses, ecosystem services -Sustainable financing

5. Economic Values Measured for the Gladden Spit MR Stakeholder ValueMethodsTime, unit Mean value US$ (median value) Visitors One day visitCVM – entrance feePer visit, per visitor25.2 (20) One day visit + whale shark interaction CVM – entrance fee Per visit, per visitor40.2 (30) Lifetime option and non-use value CVM - donation Per lifetime, per visitor 68.4 (50) Non-visitors Per trip option & non-use value CVM - tax Per trip to Belize, per tourist 21.1 (15) Lifetime option value x Number expected visits Per lifetime, per tourist 71.6 (35) Local community Annual fishing accessCVM – WTP access Per year, per household 103.2 (60) Annual tourism access CVM – WTP accessPer year, per household 177 (68) Annual recreational value CVM – WTP accessPer year, per household 82.8 (60) Total Value Gladden Spit CVM – WTP accessPer year, per household 373.2 (180) Fishers Annual fisher profits (PS) for fishing inside Catch surveys, patrol data, fisher surveys Per fisher day inside reserve 118 (109.5) Tour operators Annual profits (PS) for tour operator trips Patrol data, tour operator surveys Per trip, per tour operator 108 (102)

6. Individual Values Measured

7. Aggregated Values 58% Use values for 2007; $1.26 million ($13 – 29 million) - 36% budget Total values for 2007: $4.05 million ($43-91 million) – 8% budget

8. Costs and Benefits for each stakeholder

9. Bahamas Retreat Gardens -Small terrestrial PA, little economic activity -Large collection exotic palms -Fundraising location Exuma Cays Land and Sea Park -Large, flagship status, exceptional beauty -No-take area -Local and international visitors: tours, diving, sailing

10. Values Identified Exuma Cays ValueData Source / metrics TourismVisitation, visitor spending, WTP, employment, leakage, multipliers, volunteer hours Local visitorVisitor spending – amount, goods, leakage, multipliers Local benefits Focus groups Fisheries benefits Academic papers, key informant interviews AestheticPhotos and books sold FlagshipSales of park merchandise Conservation value NGO and foundation donations Retreat Gardens ValueData source / metrics TourismVisitation, visitor spending, WTP Rare / endangered species Key informant interviews, reports On site fund raising Money raised, spending, multipliers Conservation value Memberships / donations

11. Methodological Issues to consider -Exuma Park versus Exuma Cays -Marginal impact of management -Biomass export for fisheries -Other ecosystem services – lack biophysical data -Indirect costs, opportunity costs -Option & Non-use values (benefits transfer) -Modeling link to economy -Link economic impact and UNDP indicators -Appropriate multiplier values -Discount rates -Scenario precision

12. Policy issues to consider -Small values -Threats to economic values -Value for money – now and future -Equity issues / distributional impacts -Trade-offs -Sustainable financing – Who should pay? – Costs: opportunity, transaction – Legal, practical feasibility – Economic resilience / portfolio approach

13. Funding United Nations Development Program Economic and Social Research Council Conservation International Many thanks Partners Linwood Pendleton Bahamas National Trust BEST, DMR, DT, dept Stats Friends of Nature