Monetary Accounting of Cultural Ecosystem Services: Recreational Fishing in the Murray–Darling Basin, Australia

ABSTRACT Recreational‐related ecosystem services are culturally and economically significant activities that involve the direct interaction between people and the environment. In this study, we focus on cultural ecosystem services relating to recreational fishing—that is, the direct experiential benefits to individuals and communities associated with recreational fishing. Although monetary valuations of recreational fishing (using welfare values) are well established, their integration into ecosystem accounts remains limited. Ecosystem accounts require exchange values—values that the ecosystem service may realise if a market for such services existed. This paper addresses that gap by developing monetary ecosystem accounts for recreational fishing in the Murray–Darling Basin (MDB), Australia, using the System of Environmental Economic Accounting—Ecosystem Accounting (SEEA EA) framework. We apply the simulated exchange value (SEV) method to estimate accounting values consistent with SEEA EA and complement these with welfare values to provide a more comprehensive view of the benefits derived from recreational fishing. The study presents supply and use tables and auxiliary accounts. As such, it contributes to a small but growing set of examples that can be used to guide future ecosystem account development for recreational fishing as well as other recreational‐related ecosystem services.