Procedures For Evaluating Wetlands Non-Market Values and Functions

PURPOSE: This technical note provides a procedural framework for evaluating the economic values of wetlands. Important economic concepts on supply/demand and valuation are presented as they relate to the economic valuea supported or provided by wetlands. The framework presented here can be used to evaluate economic values within the Section 404 process, while recognizhg the difficulties of wetland valuation. Economic values of wetlands have been difllcult to evaluate due to uncertainties in the relationship between wetland fhnctions and the production of goods and services. Production of some wetland goods and services is better understood than others. Just as there are changes over time in wetland habitat and other fimctions, economic values of wetlands change over time and should be accounted in the Section 404 evaluation process.