INTEGRATING SOCIAL BENEFIT COST ACCOUNTING INTO WATERSHED RESTORATION AND PROTECTION PROGRAMS1

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ABSTRACT: Successful watershed management requires consideration of multiple objectives and the efficient use of scarce public and private resources. One way to address these multi‐faceted issues is through Social Benefit‐Cost Accounting (SBCA). SBCA is a systematic method of addressing complex social and economic issues relevant to proposed watershed management projects. Benefits of using this technique include: benefits and costs of watershed projects are better understood; politically sensitive issues tend to be put into perspective; and stakeholders' interests are placed on a level playing field. An example from Bogota, Colombia demonstrates how SBCA can be used to value the benefits and costs of a proposed project. By addressing the benefits and costs to all stakeholders, the design of watershed management programs can be improved to achieve goals in a cost‐effective manner.