Chapter 2

”The economic theory of valuation is broad enough but the practice of valuation is woefully lacking”

My point of departure here is that the reconciliation of fisheries to conservation is all about values and valuation. A key challenge to economics is how to value benefits from marine ecosystems in a comprehensive manner and in a way that captures their long-term conservation, and the value of sustaining the benefits they provide through time. Three key questions I pose and address in this chapter are the following:

Does the economic theory of valuation capture the general need to ensure that fisheries are reconciled with conservation to ensure infinity fish?

Does the practice of fisheries valuation enhance our ability to reconcile fisheries to conservation?

What new valuation approaches are being developed to support efforts to reconcile fisheries with conservation?

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Preface • 1 • 2 • 3 • 4 • 5 • 6 • 7 • 8 • 9 • 10 • 11 • 12 • 13 • 14 • 15 • 16 • 17