Valuing New Jersey's ecosystem services and natural capital: A spatially explicit benefit transfer approach

We intend to estimate the value of ecosystem services in the U.S. State of New Jersey using spatially explicit benefit transfer. The aggregated net rent, a conservative underestimate for the total economic value of the state's natural environment, ranged from $11.6 to $19.6 billion/year, conditional on how inclusive we were in selecting the primary studies used to calculate the central tendency values to transfer. In addition to calculating the range, mean, and standard deviation for each of 12 ecosystem services for 11 Land Use/Land Cover (LULC) types, we also conduct a gap analysis of how well ecosystem service values are represented in the literature. We then map these values by assuming a mean value for each LULC and apply this to spatial data. As to sensitivity analysis, we calculate the net present value of New Jersey's natural environment utilizing three different methods of discounting. These research results provide a useful, albeit imperfect, basis for assessing the value of ecosystem services and natural capital, and their comparison with the value of conventional human and built capitals.