Economic Benefits of Conserving Natural Lands: Case Study: Yaquina Bay Conservation Opportunity Area, Oregon

Abstract

In this study, which forms part of a set of five case studies that cover natural lands in Florida, Maine, Nebraska, New Mexico and Oregon, we develop estimates of the economic value of several human uses supported by Yaquina Bay, a 29 square-mile area in coastal central Oregon that has been identified as a conservation opportunity area (COA) in Oregon’s Conservation Strategy. Our analysis develops quantitative estimates of the economic value associated with recreational fishing and commercial crabbing, oyster harvests and livestock production. It also estimates the value of the carbon sequestration service provided by the ecosystems found in Yaquina Bay and the value of the open space premiums that accrue to residential properties located in the vicinity of undeveloped open spaces. Land use, land management and conservation planning, in order to achieve economically sensible results, should take into account the economic value generated by the conservation of undeveloped lands and the fact that the increasing relative scarcity of these lands will only increase conservation values. With a large share of both ecologically and economically valuable undeveloped lands in private ownership, not just in the Yaquina Bay study area but also at state and national levels, existing financial incentive systems that encourage land conservation on private lands will need to be improved and in many cases additional ones will need to be created in order to better align privately and socially desirable outcomes. This is a challenging task whose urgency is increasing in lockstep with the continuing loss and degradation of natural lands.