Managing Ecological Resources in a Changing Managing Ecological Resources in a Changing Climate: The Role of Economic V alues and Climate: The Role of Economic V alues and Uncertainty. Uncertainty. Robert J. Johnston Robert J. Johnston University of ConnecticutUniversity of ConnecticutPreparing for Climate Change Impacts on the Northwest Atlantic Marine Preparing for Climate Change Impacts on the Northwest Atlantic Marine Ecosystem. A multi-disciplinary symposium hosted by: Center for Law & Ecosystem. A multi-disciplinary symposium hosted by: Center for Law & Innovation of the University of Maine School of Law, and Gulf of Maine Innovation of the University of Maine School o f Law, and Gulf of Maine Research Institute April 26-27Research Institute April 26-27
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Managing Ecological Resources in a ChangingManaging Ecological Resources in a Changing
Climate: The Role of Economic Values andClimate: The Role of Economic Values and
Uncertainty.Uncertainty.
Robert J. JohnstonRobert J. JohnstonUniversity of Connecticut University of Connecticut
Preparing for Climate Change Impacts on the Northwest Atlantic Marine Preparing for Climate Change Impacts on the Northwest Atlantic Marine Ecosystem. A multi-disciplinary symposium hosted by: Center for Law & Ecosystem. A multi-disciplinary symposium hosted by: Center for Law & Innovation of the University of Maine School of Law, and Gulf of Maine Innovation of the University of Maine School of Law, and Gulf of Maine
Research Institute April 26-27 Research Institute April 26-27
Economic Values and TradeoffsEconomic Values and Tradeoffs
Appropriate assessment of economic values can helpAppropriate assessment of economic values can help policymakers: policymakers:
– Identify the true social benefits generated byIdentify the true social benefits generated by
ecological stewardship and restoration.ecological stewardship and restoration. – Prioritize environmental policy proposals or actions.Prioritize environmental policy proposals or actions.
– Assess whether the social benefits of particular Assess whether the social benefits of particular policies outweigh the social costs (this is policies outweigh the social costs (this is Benefit-CostBenefit-Cost
AnalysisAn
alysis).).
Economic values do not require money to changeEconomic values do not require money to changehands, nor do they have to be denominated in dollars.hands, nor do they have to be denominated in dollars.
"It's clear striped bass are having an impact," he"It's clear striped bass are having an impact," he
said. "But I'm not convinced it's the main thing.said. "But I'm not convinced it's the main thing.
Something is happening in the Atlantic Ocean andSomething is happening in the Atlantic Ocean and
Long Island Sound, too. We are just not sureLong Island Sound, too. We are just not sureexactly what.“ (R. Gephard, CT DEP, quoted inexactly what.“ (R. Gephard, CT DEP, quoted in