The role of choice experiments in natural capital accounting approaches: fast track versus simulated exchange value in the Deben Estuary saltmarshes

Abstract

Natural capital accounting requires exchange rather than welfare values, but lack of data and standards have encouraged practitioners to use different approaches (e.g. simple lookup table vs spatial modeling approaches). In this paper, we demonstrate how choice modeling data can provide simulated exchange values which are more robust than simple (fast track) valuation approaches for natural capital accounting. A survey of East of England residents collected the preferences for saltmarsh management and simulated exchange values, coherently linked with the ecosystem conditions. This approach is more informative for environmental local planning purposes. We claim that expanding the set of tools available for natural capital accounting can enhance management of ecosystem services and policy decision making.