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A Deliberative Approach to Valuation of Cold Water Corals - Investigating Opportunity Costs and the Precautionary Principle

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  • Focus groups were combined with surveys to inform policy making regarding precautionary measures to protect cold water coral (CWC). CWC represent complex environmental public goods involving irreversibility and uncertainty. Respondents believe CWC is valuable and should be protected. Use-values, particularly habitat for fish, dominated the focus group discussions, whereas non-use and intrinsic values were emphasised in the survey. The dilemma of implementing precautionary measures was highlighted as respondents rejected the use of temporary closures to gain information on CWC presence. Reasons were costs to fishers, or the rejection of the premise that lack of precautionary closures would prevent further damage.
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  • Falk-Peterson, Jannike. 2014. A Deliberative Approach to Valuation of Cold Water Corals - Investigating Opportunity Costs and the Precautionary Principle. In: Towards ecosystem based management of fisheries: what role can economics play?: Proceedings of the Seventeenth Biennial Conference of the International Institute of Fisheries Economics and Trade, July 7-11, 2014, Brisbane, Australia. Complied by Ann L. Shriver & Melissa Errend. Corvallis, OR: International Institute of Fisheries.
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  • Fisheries Research & Development Corporation, World Wildlife Fund, MG Kailis Group, AquaFish Innovation Lab, NOAA Fisheries, The European Association of Fisheries Economists, Japan International Fisheries Research Society, United Nations University, NORAD
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