An Integrated Assessment approach to linking biophysical modelling and economic valuation tools


Event details

Date & time

Monday 03 May 2010


Miller Theater in Old Canberra House


Marit Kragt


Emma Aisbett
6125 4531
Biographical Information
Marit Kragt is a PhD student at the Crawford School of Economics and Government with Professor Jeff Bennett, and at the Integrated Catchment Assessment and Management Centre with Professor Tony Jakeman and Dr. Lachlan Newham. Her PhD is looking at ways to integrate biophysical science modelling with economic valuation. This study is funded by the Environmental Economics Research Hub and Landscape Logic.

Seminar Title
An Integrated Assessment approach to linking biophysical modelling and economic valuation tools

It is widely recognised that the interrelationships between socioeconomic and environmental processes require integrated approaches to natural resources management. Increasing emphasis on integrated catchment management has lead to a growing number of models that aim to consider (the interactions between) hydrological, ecological, economic and social systems. However, existing decision support tools are often limited in their integration of environmental processes with socioeconomic systems. Better integration of economic analyses is required to support an assessment of the environmental and economic trade-offs of catchment management changes.
This paper demonstrates how biophysical modelling can be integrated with economic information on the non-market value impacts of catchment management changes. A Bayesian Network (BN) modelling approach is used to develop an integrated model for a case study of the George catchment, Tasmania. Information about non-market costs and benefits is elicited using Choice Experiments (CE). It is shown how CE value estimates can be readily integrated with the biophysical information in the BN model. The demonstrated integration of economic information with biophysical data allows an assessment of the efficiency of alternative policy decisions. This can aid decision makers to better target catchment management investments.
The model development process involved multiple scientific experts, economists, policymakers, and other stakeholders. The (considerable) challenges involved with the interdisciplinary research approach, and the integration of knowledge from different sources, are discussed in this paper

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