Cost–benefit analysis as a decision tool for effective conservation planning—The case of the Nyerere Selous‐Udzungwa wildlife corridor in Tanzania

Abstract Cost benefit analysis (CBA) is used in many fields to ensure efficient allocation of scarce resources but is rarely applied in conservation. By using a common metric to evaluate projects in complex social‐ecological systems, CBA can help to maximize the impact of conservation funding. It can also help to interrogate issues of distributional equity, plan for effective community‐based conservation, and inform future research and strategic priorities. We demonstrate this using the example of the Nyerere Selous‐Udzungwa Wildlife Corridor in Tanzania, a wildlife corridor aiming to restore connectivity between two protected areas to enhance African elephant ( Loxodonta africana ) conservation outcomes and mitigate human–elephant conflict. We combine novel data on elephant crop depredation with crop price and productivity data, elephant valuation methods, and ecosystem service values to analyze corridor costs and benefits from contrasting global and local community perspectives. From the global perspective, we find benefits to outweigh costs by at least 4.6:1. From the communities' perspective, we find that while substantial benefits should secure buy‐in to the project, continued subsidy will be required to cover the costs. Our findings support generalized recommendations for application of CBA across diverse systems and conservation priorities.