The economics of valuing ecosystem services and biodiversity

Unai Pascual, Roldan Muradian, Luke Brander, Erik Gómez-Baggethun, Berta Martín-López, Madhu Verma, Paul Armsworth, Michael Christie, Hans Cornelissen, Florian Eppink, Joshua Farley, John Loomis, Leonie Pearson, Charles Perrings, Stephen Polasky, Jeffrey A. McNeely, Richard Norgaard, Rehana Siddiqui, R. David Simpson, R. Kerry TurnerR. David Simpson

Research output: A Conference proceeding or a Chapter in BookChapterpeer-review

145 Citations (Scopus)

Abstract

Economics, as the study of how to allocate limited resources, relies on valuation to provide society with information about the relative level of resource scarcity. The value of ecosystem services and biodiversity is a reflection of what we, as a society, are willing to trade off to conserve these natural resources. Economic valuation of ecosystem services and biodiversity can make explicit to society in general and policy making in particular, that biodiversity and ecosystem services are scarce and that their depreciation or degradation has associated costs to society. If these costs are not imputed, then policy would be misguided and society would be worse off due to misallocation of resources.
Original languageEnglish
Title of host publicationThe Economics of Ecosystems and Biodiversity
Subtitle of host publicationEcological and Economic Foundations
Place of PublicationUnited Kingdom
PublisherTaylor & Francis
Chapter5
Pages183-256
Number of pages74
ISBN (Print)9781849775489
DOIs
Publication statusPublished - 1 Jan 2012
Externally publishedYes

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