1. The National Marine Sanctuary Program Are Existing Methods Adequate for Valuing Ocean Resources Today?

2. Driving Questions What makes us go to extraordinary lengths, in the face of considerable controversy, to protect ocean areas for future generations?

3. Driving Questions Given the high value we as Americans place on the oceans, why is it so difficult to “equitably value” oceans?

4. The Resource Valuation Dilemma As a natural resource, valuing the ocean is as much “art” as science. Every decision-making context is inherently different, but shares similar challenges. In every context the challenge is to decide whose perspective and hence whose values are to be measured.

5. A Question of Benefits and Costs Standard practice requires “economic efficiency” always be achieved in a resource use decision. Consequently, how “economic efficiency” is quantified determines the perception of “winners and losers”. Economic efficiency requires the gains to the winners outweigh the losses to the losers.

6. Challenges Confronting Standard Practice Are all appropriate values considered in current ocean valuation or decision contexts? Are we adequately considering the present values of perceptions of future ocean uses? How do we measure these future, and potentially unpredictable, values? How do we “sensibly” account for the “effects” of shifting resource baselines in ocean valuation?

7. Challenges Confronting Standard Practice Is the application of standard practice and current methods allowing us to effectively quantify ocean resource values for today’s challenges? Methods such as… Travel Cost MethodContingent Valuation Method Hedonic Price MethodBenefits Transfer Method Are modified practices and methods needed today? If so, how can they be developed?

8. Perceptions of Opportunity Costs Will Provide Answers For example… What is the range of opportunity costs of not making an ocean protection decision today? What are the opportunity costs to various parts of society. When and how over time are the opportunity costs acknowledged within the context of shifting ocean resource baselines?

9. Framework for the Way Forward Total Economic Value Use ValuesNon-Use Values Direct Use Values Indirect Use Values Option ValuesBequest ValuesExistence Values Outputs/ Services that can be consumed directly Societal/ Functional benefits enjoyed indirectly Potential future direct and indirect uses Value of saving for future generations Value from knowledge of continued existence Increasing difficulty of valuation

10. Concluding Remarks Until improved methods can be applied to valuing oceans, few marine areas are likely to be effectively protected over time.