© Copyright by the Center for Great Plains Studies FUNCTIONS AND VALUES OF PRAIRIE WETLANDS: ECONOMIC REALITIES

Abstract. Land and water resources of the Prairie Pothole Region support important economic and ecologic activities. Scarce resources, such as wet-lands, should be allocated among these activities such that society's well being is enhanced. Such allocation requires knowledge ofthe relative values of resources, something that has been largely missing in the wetland litera-ture. This paper describes the practical realities of wetland economics, using the Prairie Pothole Region as an example. Ongoing human and eco-nomic activities in the PPR are presented as an introduction to the economy of the area. The purpose for economic valuation ofwetlands-achieving the "greatest good"-is briefly discussed. The connection between wetlands and human values is described. Five types ofwetland valuation methods are discussed: market, surrogate/proxy, revealed preference, stated preference, and benefits transfer. Finally, some suggestions are made to add value to all types of wetland science by enhancing the collaboration among wetland scientists