Determining the economic costs and benefits of conservation actions: A decision support framework

Abstract

The need for conservation action to be cost-effective is widely accepted, resulting in increased interest and effort to assess effectiveness. Assessing the financial and economic costs of conservation is equally important for assessing cost-effectiveness, yet their measurement and assessment are repeatedly identified as lacking. The healthcare sector, in contrast, has made substantial progress in identifying and including costs in decision-making. Here, we consider what conservation can learn from this experience. We present a three-step framework for identifying and recording the relevant economic costs and benefits of conservation interventions where the user (1) describes the costing context, (2) determines which types of cost and benefit to include, and (3) obtains values for these costs and benefits alongside metadata necessary for others to interpret the data. This framework is designed to help estimate economic costs but can also be used flexibly to record the direct costs of interventions (i.e., financial costs) and calculate financial and economic benefits. Although recording data on economic costs and benefits is deceptively complex, this framework facilitates improved recording, and indicates how collating this data could enhance the assessment of cost-effectiveness across conservation contexts using a range of decision-making tools. © 2022 The Authors. Conservation Science and Practice published by Wiley Periodicals LLC on behalf of Society for Conservation