Economists from the National Oceanic and Atmospheric Administration (NOAA) will present a training event focused on economic analysis and how to use it to show the value of healthy ecosystems.

Coastal managers often need economic valuation information for project proposals, assessments or funding applications. This training will provide information about approaches for economic analysis, relevant examples, and guidance on how to conduct basic benefit-cost analysis and ecosystem service valuation.

The training will feature two modules, with a break for a provided lunch.

Module 1: Introduction to Economic Analysis and Valuation

This module provides an introduction to economic analysis terminology related to benefit-cost analysis, economic impact analysis, cost-effectiveness analysis, benefit valuation methods and more. Understanding these basics will help participants identify the most appropriate approach and the data needed.

Participants will learn how to:

• Recognize and understand basic economic terminology
• Recognize relevant economic approaches and analyses
• Identify the best approach to use based on project objectives, level of expertise, and funding
• Locate support tools
• Conceptualize appropriate questions to ask an economist or an expert

Module 2: Pathways to Valuing Ecosystem Services

This module provides an overview of three common paths used to estimate the value of ecosystem services: site-specific studies, benefits transfer and tools with built-in benefits. Each path will include information on its strengths and limitations and on relevant support tools.

Participants will learn how to:

• Discuss ecosystem service valuation terminology
• Conduct a rough benefits-transfer estimate
• Choose the proper pathway for ecosystem service valuation based on available time, funding, and expertise
• Access relevant support tools and valuation data

Technical Assistance

The trainers will be available after the session for one-on-one, 30-minute technical assistance sessions. Topics discussed during session time may include but are not limited to projects, programs and studies with economic valuation needs. Technical assistance session times must be reserved in advance.

Registration

The training and technical assistance are free, but pre-registration is required.

To register for a 30-minute technical assistance session, contact Lynne Pusey at lynne.pusey@delaware.gov or at 302-735-3417.