Total Economic Values for Coastal and Marine Wildlife: Specification, Validity, and Valuation Issues

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Benefit-cost analysis of coastal and marine wildlife management programs requires that economic benefits be monetized for comparison with the costs of preservation. Without explicit measurement and consideration of nonuse values, benefits may be underestimated and resources devoted to wildlife programs may be under allocated. Using data from a contingent valuation survey of nongame wildlife programs in coastal North Carolina, this paper provides additional evidence that total economic values under uncertainty for wildlife are theoretically valid. Specification error is found for valuation models which do not include measures of uncertainty. Specification error can lead to errors in benefit estimation.