ECONOMICS OF AN INTEGRATED OCEAN OBSERVING SYSTEM

Improved ocean observing systems will provide better data on ocean phenomena and result in new and improved information about short- and long-term ocean conditions and weather/climate. This information will be of economic value to a range of industries and activities, including maritime transportation, commercial fishing, agriculture, energy industries, recreation, and coastal zone management. The research community's quantitative understanding of these benefits is incomplete, but evidence to date suggests that benefits from well-targeted investments in integrated ocean observing systems will justify the costs. Work is already underway to better quantify these benefits. This paper reviews the "value of information" approach to the economics of ocean observing systems and describes how this approach can be applied to estimate benefits and assist in their design.