Economics of Shoreline Management
Whether many people realize it or not, economics plays an important role in most decisions we make, including how we manage the shoreline. For example, coastal managers may want to use economics to understand what type of shoreline management approach would be most economically feasible to employ, given the social and environmental costs and benefits of a project and its expected lifespan. How can economic analyses help coastal managers make decisions about which shoreline management approaches may be best to use under different circumstances?
Visualize a scenario where coastal managers would like to consider using alternative, non-structural methods of shoreline management and erosion control, but they are not familiar with the costs and benefits associated with these alternative methods. The public believes that without installing a seawall or rip rap, the area will suffer serious economic loss of coastal property, utilities, or structures. What tools do coastal managers have to understand the economic implications of different methods for managing shoreline erosion?
This section is intended to provide coastal managers and the general public with enough information to:
- Understand basic economic principles and know how they can be applied to shoreline management and erosion control.
- Understand the primary types of economic analyses, what type of questions each can be used to answer, and where to find more in-depth information on certain types of analysis.
- Know where to go for more information.