On Measuring Economic Values for Nature

Abstract

This paper describes how economists ascribe values to the things people can choose. The economic value of an ecosystem function or service relates to the contribution it makes to human welfare, where human welfare is measured in terms of each individual's own assessment of well-being. After developing how this definition is used, the paper describes problems and opportunities for advancing the state-of-the-art in measuring economic values for nature. These arguments are developed using recent studies that attempted to estimate economic values for ecosystems on a global scale. One implication of this evaluation is that there is a need for greater communication between ecologists and economists. Economic analyses must reflect the intricate web of physical interrelationships linking activities that have harmful effects in one part of an ecosystem to the potential effects on other parts. At the same time, economic values for ecosystems accept consumer sovereignty and should be interpreted as descriptions of the tradeoffs involved in evaluating welldefined changes to specific ecosystems. † Part of the special issue on Economic Valuation.

Valuation of Ecosystem Services Provided by Biodiversity Conservation: An Integrated Hydrological and Economic Model to Value the Enhanced Nitrogen Retention in Renaturated Streams

“…The following selection is in accordance with the criteria of BOCKSTAEL et al (1998): (a) the substitute must be able to cope with the main problem and (b) cope in the most cost efficient way.…”

Sedimentation rhythms and hydrodynamics in two engineered environments in an open coast managed realignment site

“…Balmford et al, 2002;Bockstael et al, 2000;Costanza et al, 1997;Turner and Daily, 2008). The ecosystem services approach provides a collective framework for coastal managers to consider the options available and to effectively communicate the consequences to various stakeholder groups (Granek et al, 2010).…”

Effects of extreme natural events on the provision of ecosystem services in a mountain environment: The importance of trail design in delivering system resilience and ecosystem service co-benefits

“…Burkhard et al, 2012;Jacobs et al, 2014;Kareiva, 2011), despite the controversy over how, and if at all, we should quantify the value of nature in monetary units (Bockstael et al, 2000;Daily et al, 2000;McCauley, 2006). ES are identified as the benefits which society obtains (directly or indirectly) from ecosystems.…”