The valuation of marine ecosystem goods and services in the Caribbean: A literature review and framework for future valuation efforts

• Economic valuations of marine ecosystem services in the Wider Caribbean Region are reviewed.
• Gaps in the literature are identified.
• A framework for future valuation efforts is provided.
• Marine economic valuations in the Caribbean have focused on a limited number of benefits derived from marine ecosystems.
• Values associated with reefs have received far more attention than those associated with the pelagic or shelf ecosystems.

This paper reviews economic valuation of marine ecosystem services in the Wider Caribbean Region (WCR) for the three major marine ecosystems addressed by the Caribbean Large Marine Ecosystem (CLME) Project: reef, pelagic and continental shelf. A review of over 200 value estimates suggests that marine economic valuations in the WCR have focused on a limited number of benefits derived from marine ecosystems, primarily those that are relatively easy to measure and convey, such as recreation opportunities in protected areas, and benefits that are ascribed to easily measured market indicators. Values associated with reefs have received far more attention than those associated with the pelagic or shelf ecosystems. The economic impacts of overfishing remain largely unexplored. Regulating and maintenance services provided by the marine ecosystems of the WCR have been recognized as important, but have not been linked to valuation. Finally, estimates of non-use values for WCR marine ecosystem goods and services are few. It is suggested that future work on valuation be coordinated among countries and agencies so that gaps can be prioritized and valuation studies can be directed toward a more comprehensive understanding of the full value of the goods and services provided by marine ecosystems in the WCR.