among the residuals. Omitting the lagged value of the catch variable from the 

 equation lowered the overall R only marginally, but it had a significant impact 

 on the t-values of the other independent variables. The marginal value product 

 of effort was positive and decreasing (as a function of the number of traps) 

 until E reached 50,000 traps. Similarly, if E was less than 49,800 traps, the 

 marginal product of marsh was positive and a monotone decreasing function of the 

 marsh acreage. 



The estimated marginal product of marsh acreage was 2.3 pounds of blue crab 

 per acre per year at the mean level of effort; the (dockside) marginal value 

 product was between $0.25-$0.30 (the year used to index the prices is not 

 reported). The per acre capitalized preservation benefits for habitat provision 

 for blue crab are on the low side; depending on the discount rate, they are in 

 the $3-$10 range if the discount rate is in the 3%-10% range. The Florida blue 

 crab fishery was chosen for the estimation of habitat provision benefits by 

 coastal marshes because of the emerging issue of preservation versus inundation 

 of the marshes, and because the blue crab migrations made it easier to relate 

 yields to marsh areas. The work of Farber and Costanza (see [79]) on the brown 

 and white shrimp fisheries of Louisiana suggests that the low price of blue crab 

 is one factor underlying the low estimated preservations benefits. 



52. Mustard, E.W., and G. Loomis. 1981. Wetland versus agricultural lands: 

 perspectives on values and trade-offs. Pages 441-449 in Walter F. Juske, 

 ed. Economics, ethics, ecology: roots of productive conservation. The 

 Soil Conservation Society of America, Aukeny, lA. 



This paper presents no formal economic analysis. It does take a 

 challenging, if somewhat oblique, look at an interesting issue--landscape 

 planning for the present and future optimal social use of the land base resource 

 of North America. The American public needs to develop an ethic in which viable 

 landscape planning is deemed to be compatible with its free market ethic. 

 Otherwise, it is pretty clear that economists' estimates of wetlands preserva- 

 tions benefits will have little effect on the real world allocation of resources. 

 Mustard and Loomis are sanguine about the prospects of a meaningful integration 

 of a landscape planning perspective into the fabric of American life. 



53. Postel.S.L. 1981. The economic benefits of pocosin preservation. Pages 

 283-302 in C.J. Richarson, ed. Pocosin wetlands: an integrated analysis 

 of coastal plain freshwater bogs in North Carolina. Hutchinson Ross 

 Publishing Company, Stroudsberg, PA. 



The term "pocosin" can be used to describe any wet area dominated by shrubs 

 though it comes from an Algonquin Indian word meaning "bog on a hill." Thus some 

 scientists might interpret the term to refer to raised bogs. However, any wet 

 region that is heavily dominated by shrubs is called a pocosin. Pocosins may 

 represent a serai stage or a climax plant community. Postel probably describes 

 a variety of wetland types by the term; she uses the word pocosins to describe 

 wetlands that affect the downstream quality of estuarine water, thereby affecting 

 wildlife habitat for shrimp. She also uses the term to describe forested 

 wetlands that provide wildlife habitat for black bears (forested bottomland 

 hardwoods) . 



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