Ecosystem wealth in the Barents Sea
We develop an inclusive wealth type index for natural capital in the Barents Sea that accounts for ecosystem services via trophic interactions. We consider three key fish species in the Barents Sea under stochastic growth dynamics. Compared to evaluation at market prices, the estimated wealth from t...
| Main Authors: | , , |
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| Format: | Article in Journal/Newspaper |
| Language: | unknown |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S0921800919301764 |
| Summary: | We develop an inclusive wealth type index for natural capital in the Barents Sea that accounts for ecosystem services via trophic interactions. We consider three key fish species in the Barents Sea under stochastic growth dynamics. Compared to evaluation at market prices, the estimated wealth from the inclusive wealth approach is several times higher. Ecosystem wealth depends on the management scheme, and we consider both business as usual (BAU) and an optimized ecosystem-based management scheme (EBM). While BAU maintains wealth near its current level (5% increase in the long run), EBM increases wealth with almost 20% in the short run and more than 25% in the long run. Realized shadow prices suggest that prey species stocks are undervalued when evaluated at market prices. Natural capital; Inclusive wealth; Fisheries; Barents Sea; |
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