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For the Pacific Islands, the aquarium trade based on wild harvest of coral and other marine aquarium products is an important source of livelihoods for rural communities. However, concerns over its environmental effects have led to experimentation with and promotion of the culture of coral and other products. Until recently, very few studies have seriously investigated the scope, potential, impacts, costbenefits or long-term financial and bio-economic viability of wild collecting over the culture of marine aquarium commodities, particularly coral, or a combination of both activities.

Padma Lai and Meg Keen present a review 01 economic issues that should be considered in the design, implementation, monitoring and evaluation of coniniuttity-based resource management and environment conservation projects in island ecosystems in this, the fifth volume. They describe economic issues that require detailed consultation with community members during the design, implementation and monitoring ofprojects such as those to be supported under the Programme. This includes the identification of institutional issues, socio-economic implications for communities (benefit/cost analysis and cost effective analysis), and suggested strategies for promoting broad community participation and support in conservation and sustainable resource use initiatives (incentives and transaction costs).

The need for economic valuation of coral reefs and other natural resources to underpin resource allocation decisions has always been recognized by economists, but recently it has been emphasized by others.