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Coral Reef Ecosystem - Coggle Diagram
Coral Reef Ecosystem
Use Value
Direct
tourism & recreation
Fisheries & aquaculture
Coastal protection
biomedical research
Indirect
Nutrient recycling
Water purification
climate regulation
biodiversity maintenance
option value
potential future benefits
new medicines
Non use value
Bequest value
preserving the reef for future generation
Altruistic
Satisfaction from knowing others can enjoy the reef
existence value
simply knowing the reef exist
Valuation methods (Supply based)
Opportunity cost
Value of the next best alternative use of the reef
eg: coastal development
Replacement cost
cost of restoring the reed if damaged or destroyed
cost saving
Value of the services provided by the reef
Eg: coastal protection
Valuation method (Demand based)
Direct methods
Contingent Valuation Method (CVM)
Directly asks people their willingness to pay for the reef's existence or services
indirect methods
Travel Cost Method (TCM)
Estimates the value of the reef based on how much people are willing to pay to visit it
Hedonic Pricing Method (HPM)
Analyzes property values near the reef to estimate the premium people pay for living in a beautiful area