The challenge of valuing coral reef biodiversity: An evaluation of proxies used for the Great Barrier Reef, Australia

This paper explores how to value coral reef biodiversity as a complex environmental good, using the Great Barrier Reef as a case study. We review the Total Economic Value and Ecosystem Services frameworks as two approaches that have been used in the literature. Next, we investigate three main categories of proxies that might be used to translate the concept of biodiversity into attributes that can be applied in stated preference valuation. Finally, we compare various studies that valued elements of biodiversity in Australia and provide suggestions on most suitable approaches to value coral reef biodiversity in future studies.