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Physical Sciences and Mathematics
United States; coastal zone management act; marine resources; valuation methodology
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Achieving Total Compensation For Injuries To Coastal And Marine Resources: The Evolution Of Current Valuation And Compensation Methodologies, Marian Toon Mcphaul-Chester
Achieving Total Compensation For Injuries To Coastal And Marine Resources: The Evolution Of Current Valuation And Compensation Methodologies, Marian Toon Mcphaul-Chester
Theses and Major Papers
Economists have developed numerous theories to calculate the total value of natural resources. These methods have been developed and applied over the last two decades. They continue to be refined through application and critique. Resource economists monetarily quantify the values which humans attach to coastal and marine resources. These valuation theories are the subject of much controversy in natural resource damage litigation. An understanding of the evolution of these damage provisions from the early common law actions to the current statutory remedies is essential those involved in coastal planning, management and litigation. This paper reviews these economic theories and the …